Crypto Asset Funds had Record Outflow for Second Week in a Row; Cardano Attracted its Largest Inflow

Multi-asset and Polkadot investment products also saw inflows along with Litecoin, Stellar, and Ripple, representing investors “actively choosing proof of stake coins based on environmental considerations.”


Digital asset investment products saw yet another record outflow for the second consecutive week.

For the week ending May 21, 2021, another new record of outflows totaling $97 million occurred, representing only 0.2% of total assets under management (AUM).

Compared to net inflows for the year to date, $5.5 billion, the outflows remain low at 11.8% of AUM. Still, it represents “a net change in sentiment following increasing regulatory scrutiny and concerns over Bitcoin’s environmental credentials,” reads the weekly report from CoinShares.

The outflows for Bitcoin (BTC) were, in fact, lower at $111 million last week versus $115 million the previous week. BTC -2.24% Bitcoin / USD BTCUSD $ 37,739.51
-$845.37-2.24%
Volume 36.55 b Change -$845.37 Open $37,739.51 Circulating 18.74 m Market Cap 707.14 b
9 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 10 h China’s State Media Promotes Bitcoin Miners Going Green in Country & Points to Wasted Energy 11 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period

What added to the total record outflows was Ethereum (ETH) which saw minor outflows of $12.6 million following its long run of record-breaking inflows totaling $924 million year to date, which is 8% of AUM. ETH -2.75% Ethereum / USD ETHUSD $ 2,338.17
-$64.30-2.75%
Volume 21.5 b Change -$64.30 Open $2,338.17 Circulating 116.33 m Market Cap 272.01 b
9 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 9 h Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 11 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period

Weekly Crypto Asset Flows by Asset

Source: CoinShares

Interestingly, altcoins registered a continued positive sentiment with inflows across the board totaling $27 million. Cardano (ADA) remains the most popular, which had the largest inflows of $10 million, “which may represent investors actively choosing proof of stake coins based on environmental considerations.” ADA -3.23% Cardano / USD ADAUSD $ 1.46
-$0.05-3.23%
Volume 1.72 b Change -$0.05 Open $1.46 Circulating 31.95 b Market Cap 46.75 b
2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 6 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation 1 w Early Turn in Sentiment Seen as Crypto Asset Investment Products Record Inflows

Multi-asset and Polkadot (DOT) investment products also saw inflows of $7 million and $5.5 million, respectively. While BNB didn’t have any inflows, Litecoin (LTC), Stellar (XLM), and Ripple (XRP) did see some at $1.8 million, $1.1 million, and $900k, respectively.

DOT -5.68% Polkadot / USD DOTUSD $ 22.09
-$1.25-5.68%
Volume 1.2 b Change -$1.25 Open $22.09 Circulating 952.95 m Market Cap 21.05 b
2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 6 d Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction 1 w Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live
BNB -0.56% Binance Coin / USD BNBUSD $ 350.28
-$1.96-0.56%
Volume 1.36 b Change -$1.96 Open $350.28 Circulating 153.43 m Market Cap 53.74 b
13 h Another Algorithmic Stablecoin Crashes to Death; Mark Cuban Promoted TITAN Losses 100% of Value and Goes to Zero 4 d Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 1 w Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum
LTC -2.66% Litecoin / USD LTCUSD $ 164.64
-$4.38-2.66%
Volume 1.98 b Change -$4.38 Open $164.64 Circulating 66.75 m Market Cap 10.99 b
9 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 w Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 1 w PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln
XLM -3.44% Stellar / USD XLMUSD $ 0.31
-$0.01-3.44%
Volume 690.26 m Change -$0.01 Open $0.31 Circulating 23.15 b Market Cap 7.23 b
1 w Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 2 w Coinbase Card Users Can Now Spend Crypto on Apple Pay & Google Pay; 2.49% Fee on Every Purchase 3 w Stellar Dev Foundation Invests $15M in AirTM to Improve Latin American Cross-Border Transfers
XRP -2.36% XRP / USD XRPUSD $ 0.84
-$0.02-2.36%
Volume 2.54 b Change -$0.02 Open $0.84 Circulating 46.21 b Market Cap 38.61 b
9 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 d Court Denies SEC's Request For Documents Relating To Ripple's Lobbying Efforts 6 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation

While 21Shares, Grayscale, and 3iQ recorded some inflows, ETC issuance, Purpose, and CoinShares had net outflows.

“Opportunity for Growth”

On Monday, digital asset manager CoinShares also announced a record-setting 2021 with its earnings, including the changes in the value of its digital assets quadrupling in the first quarter to £32.1 million ($45.4 million).

Despite the crypto market reaching as high as $2.6 trillion market cap at one point, these “impressive” numbers “only comprises 35 basis points of global wealth, highlighting the opportunity for growth,” said Jean-Marie Mognetti, CEO of CoinShares.

The company which trades on the Nasdaq also reported a £24.7 million ($34.9 million) year-on-year increase in comprehensive income. Its assets under management also grew about 10-fold to £3.4 billion ($4.8 billion).

Compared with a net income of £80 million ($113 million) the prior year, the company reported a first-quarter loss of £1.77 billion ($2.5 billion).

CoinShares also announced that it intends to launch a business segment for the consumer finance market to broaden its client base beyond institutional investors.

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