CoinShares Says Investors Have Invested Millions in Altcoins

Digital asset manager CoinShares stated that investors are pouring millions of dollars into Ethereum (ETH), Ripple (XRP), Cardano (ADA) and other crypto assets.

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In its weekly report, Coinshares looked at where investors are transferring their money. According to the company, $33 million was transferred to Ethereum and the second largest cryptocurrency topped the list.

“Digital asset investment products saw a total outflow of $94 million last week. Despite the clear ups and downs, we believe this sentiment marks a positive turn after May, when the sentiment was bad.

Ethereum remains the most preferred altcoin by investors, with $33 million in inflows.”

According to the report, the week in which Bitcoin saw a record exit of $ 141 million shows that negative emotions are concentrated on Bitcoin. The data shows that investors remain cautious after Bitcoin slumped from its all-time high of $63,500 to $30,000.

“Digital asset investment product trading volumes show that investors remain cautious with Bitcoin, with weekly volumes down 62% from last month.”