CoinShares records inflow of $16,3 million into Ethereum funds in a week
Analysts believe that this is due to the upcoming upgrade The Merge
09.08.2022 - 11:40
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What’s new? Analysts at analytics firm CoinShares have published a weekly report on digital asset fund flows. According to this data, Ethereum fund inflows have continued for almost seven consecutive weeks and totaled $16,3 million in the past week. CoinShares noted increased interest in the asset amid the network’s planned transition from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS).
The full version of the report
What is known about Ethereum 2.0? The Merge upgrade will increase the speed, efficiency, security, and scalability of the network. According to Ethereum co-founder Vitalik Buterin, its scalability will increase from 25 to 100 000 transactions per second (TPS). The way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on the PoW algorithm. The Merge release is scheduled for the end of September, more exact dates will be known after the testnet merger on August 11.
What other data has been released? Last week investment products based on cryptocurrencies saw inflows of $3 million, continuing for the sixth week in a row and totaling $529 million. Overall, inflows were seen in all regions except Canada, with particularly notable inflows in the US and Germany, $17 million and $8 million, respectively.
Bitcoin saw outflows amounted to $8,5 million, while $7,5 million in outflows from short positions were recorded.
Despite the improvement in investor sentiment, analysts noted that trading volumes remained very low, amounting to $1,1 billion for the week, compared to $2,4 billion for the same period in 2021. According to experts, such a drawdown is seasonal because such a trend was observed in previous years as well.
Earlier, CoinShares experts reported that the July inflow of funds to crypto funds updated the maximum of 2022. In just a month, the funds raised a total of $474 million, the total sum of investments almost offset the June outflows of $481 million.
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