Assets Under Management AUM

Bitcoin and Ether break trend with exits as Altcoins continue to see entries

Last week, digital asset investment products posted outflows of $ 142 million, the first after 17 weeks of entries, according to data from CoinShares.

However, these outflows only represent 0.23% of total assets under management (AUM). From a historical point of view, the latest inflows are low compared to outflows at the start of 2018, when weekly outflows represented up to 1.6% of assets under management.

For the week ending December 17, crypto asset products posted the largest weekly outflow on record after the previous record high in early June 2021, where weekly outflows stood at $ 97 million.

While sounding alarming, James Butterfill, investment strategist at CoinShares, further noted that these outflows come at a time when outflows have been recorded for all risky assets following the recent US Federal Reserve statement on the doubling of the rate of reduction and the projection of three rate hikes. in 2022.

“This trend break very accurately describes the flow of selling, redeeming and reducing bonuses,” said Zaheer Ebtikar of Deribit Insights. Once these sales are over, we could see the “Father Christmas Rally”, just like in December 2020 when, in the first two weeks, the price fell by 10% only to rise by only 50% at the end of the year. .

Moreover, these outflows come at a time when annual inflows are reaching a record high of $ 9.5 billion, exceeding inflows by $ 6.7 billion in 2020.

Of those exits, Bitcoin (BTC) accounted for $ 89 million, well below June’s outflows of $ 150 million. Ethereum (ETH) meanwhile posted record outflows of $ 64 million.

BTC 6.79%

Bitcoin / USD

$ 48,863.34 $ 3,317.82 6.79%

Volume 29.73 b Change $ 3,317.82 Open $ 48,863.34 Outstanding 18.91 m Market capitalization 923.85 b

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ETH 5.68%

Ethereum / USD

$ 4,014.10 $ 228.00 5.68%

Volume 19.71 b Change $ 228.00 Opened $ 4,014.10 Outstanding 118.83 m Market capitalization 477 b

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Amid these outflows, altcoins like Solana (SOL), (DOT) and multi-asset investment products still managed to register inflows of $ 6.7 million, $ 2.5 million and $ 1.5 million respectively. Cardano (ADA) and XRP also recorded entries of $ 0.5 million and $ 0.3 million respectively.

SOL 5.24%

Solana / USD

$ 179.82 $ 9.42 5.24%

Volume 2.06b Variation $ 9.42 Opened $ 179.82 Outstanding 308.34m Market capitalization 55.44b

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POINT 6.78%

Peas / USD

$ 25.17 $ 1.71 6.78%

Volume 1.02b Change $ 1.71 Open $ 25.17 Outstanding 987.58m Market capitalization 24.86b

8 min Bitcoin and Ether break trend with exits while Altcoins continue to see entries 2 d SBI (NS 🙂 Holdings to launch Japan’s first crypto fund; Including BTC, ETH, DOT, LINK, LTC, XRP and BCH 1 w Solana Insensitive to price fluctuations while Bitcoin, Ether, Polkadot and Cardano Post Outflows

ADA 4.22%

Cardano / USD

$ 1.26 $ 0.05 4.22%

Volume 1.26 b Change $ 0.05 Open $ 1.26 Outstanding 34.17 b Market capitalization 43.09 b

8 min Bitcoin and Ether break trend with exits while Altcoins continue to see entries while Bitcoin, Ether, Polkadot and Cardano Post Outflows

XRP 7.37%

XRP / USD

$ 0.90 $ 0.07 7.37%

Volume 3.81 b Change $ 0.07 Open $ 0.90 Outstanding 47.25 b Market capitalization 42.44 b

8 min Bitcoin and Ether break trend with exits as Altcoins continue to see 2 entries from SBI Holdings to launch Japan’s first crypto fund; Including BTC, ETH, DOT, LINK, LTC, XRP and BCH 1w Ledger Announces Integration with FTX and Coinbase, Launch of Crypto Life Debit Card

While Tron (TRX) and Litecoin (LTC) saw no flows, Binance recorded outflows of $ 0.8 million.

TRX 4.36%

TRON / USD

$ 0.08 $ 0.00 4.36%

Volume 1.38 b Change $ 0.00 Open $ 0.08 Outstanding 101.87 b Market capitalization 8 b

8 min Bitcoin and Ether break trend with exits as Altcoins continue to see entries with highest inflows after Bitcoin (BTC): report

LTC 4.51%

Litecoin / USD

$ 153.88 $ 6.94 4.51%

Volume 1.31 b Change $ 6.94 Open $ 153.88 Outstanding 69.24 m Market capitalization 10.65 b

8 min Bitcoin and Ether break trend with exits as Altcoins continue to see 2 entries from SBI Holdings to launch Japan’s first crypto fund; Including BTC, ETH, DOT, LINK, LTC, XRP and BCH 1w Ledger Announces Integration with FTX and Coinbase, Launch of Crypto Life Debit Card

Like last week, Purpose Investments launched the first Bitcoin ETF, followed by the Ether ETF in Canada, which saw the largest inflows while CoinShares, ProShares, ETC Group and 3iQ all registered exits.

Grayscale, the largest digital asset manager, has yet to see an influx. And as the SEC postponed the decision on the company’s request to convert its Bitcoin Trust into an ETF in early February, GBTC hit a new low of 21.36%.

Yet, according to a recent CNBC Millionaire survey, most millennial millionaires have most of their wealth in crypto and plan to add more next year.

A whopping 83% of them own crypto, according to the survey that asked those with investable assets of $ 1 million or more. 53% of those millennial millionaires have at least half of their wealth in crypto.

By comparison, more than three-quarters of Gen X investors own no crypto assets, while only 4% of baby boomers do.

Despite the continued lack of bullish price action in the market, Millennial Millionaires have no intention of reducing their crypto allocation; instead, 48% of them plan to increase their holdings next year – an additional 39% plan to maintain their current crypto levels. Only 6% of millennial millionaires plan to cut back on their crypto investments in the next 12 months.

“I’m not sure the wealth management industry has recognized that they should really be viewed as completely different generations,” said George Walper, president of Spectrem Group, which conducted the survey. “Most companies hoped to ignore it. But Millennials are not just going to “grow up” from crypto. “

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