Ether (ETH), the native cryptocurrency of Ethereum, a decentralized blockchain with smart contract functionality, attracted just $0.3 in inflow of digital asset investment products last week despite Shapella’s upgrade last Wednesday. There was also “little activity” in altcoins with the exception of Polygon, which saw $2.1 million in outflows last week.
The Shapella Upgrade, also called the Shangial Upgrade, is Hard fork which enabled holders of ETH on Ethereum to withdraw stacked ETH from the Beacon Chain, a blockchain launched on Ethereum in December 2020. The upgrade is the latest major upgrade to the Ethereum blockchain since the merge in September last year.
According to the latest Digital Asset Funds Flows Report from CoinShares, Europe’s largest digital asset investment and trading group, Bitcoin remains almost the only focus for investors as investment inflows into digital assets reached $104 million last week.
In the week leading up to the upgrade, CoinShares noted that ETH received only “relatively little” investment inflows, with the figure reaching $0.6 million. In other words, the flow in the last week is lower than the week before the upgrade. During the week, Bitcoin generated $56 million in inflows, representing 98% of all inflows that week.
Meanwhile, inflows on digital asset investment products last week totaled $114 million. The CoinShares report notes that the number shows a continued improvement in investor sentiment towards digital assets.
However, the report noted an improvement in sentiment at a time of very low trading volumes in the bitcoin market. Moreover, the total inflows into digital assets over the past month amounted to $345 million, according to the report.
We believe this is a flight to safety by investors who fear ongoing traditional financing challenges. Opinion remains divided, however, as short bitcoin saw inflows totaling $14.6 million last week,” CoinShares explained.
ETH Sees Price Soar, Token Withdrawals Reach 1 Million
Meanwhile, after last Friday’s Shapella upgrade, ETH surpassed $2,000, reaching its highest point since August 2022. In a survey conducted by cryptocurrency exchange OKX prior to the upgrade, 63% of respondents (members of Ethereum) said they expected the price to reach ETH to peak at over $5,000 by the end of 2023.
As of press time, Ethereum is down 2.27% in the past 24 hours, according to CoinMarketCap. However, the original cryptocurrency still held more than $2,000. The market value of the currency is currently around $248.6 billion.
ETH price has remained positive above $2k for the past 7 days. Source: CoinMarketCap
Meanwhile, ETH withdrawals surpassed 1 million tokens on Sunday, four days after the April 12, 2023 upgrade. As of press time, beaconcha.in dataIt shows that 1.05 ETH has been withdrawn from the Ethereum-based Beacon Chain, with 541, 725 withdrawals processed.
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Ether (ETH), the native cryptocurrency of Ethereum, a decentralized blockchain with smart contract functionality, attracted just $0.3 in inflow of digital asset investment products last week despite Shapella’s upgrade last Wednesday. There was also “little activity” in altcoins with the exception of Polygon, which saw $2.1 million in outflows last week.
The Shapella Upgrade, also called the Shangial Upgrade, is Hard fork which enabled holders of ETH on Ethereum to withdraw stacked ETH from the Beacon Chain, a blockchain launched on Ethereum in December 2020. The upgrade is the latest major upgrade to the Ethereum blockchain since the merge in September last year.
According to the latest Digital Asset Funds Flows Report from CoinShares, Europe’s largest digital asset investment and trading group, Bitcoin remains almost the only focus for investors as investment inflows into digital assets reached $104 million last week.
In the week leading up to the upgrade, CoinShares noted that ETH received only “relatively little” investment inflows, with the figure reaching $0.6 million. In other words, the flow in the last week is lower than the week before the upgrade. During the week, Bitcoin generated $56 million in inflows, representing 98% of all inflows that week.
Meanwhile, inflows on digital asset investment products last week totaled $114 million. The CoinShares report notes that the number shows a continued improvement in investor sentiment towards digital assets.
However, the report noted an improvement in sentiment at a time of very low trading volumes in the bitcoin market. Moreover, the total inflows into digital assets over the past month amounted to $345 million, according to the report.
We believe this is a flight to safety by investors who fear ongoing traditional financing challenges. Opinion remains divided, however, as short bitcoin saw inflows totaling $14.6 million last week,” CoinShares explained.
ETH Sees Price Soar, Token Withdrawals Reach 1 Million
Meanwhile, after last Friday’s Shapella upgrade, ETH surpassed $2,000, reaching its highest point since August 2022. In a survey conducted by cryptocurrency exchange OKX prior to the upgrade, 63% of respondents (members of Ethereum) said they expected the price to reach ETH to peak at over $5,000 by the end of 2023.
As of press time, Ethereum is down 2.27% in the past 24 hours, according to CoinMarketCap. However, the original cryptocurrency still held more than $2,000. The coin’s market capitalization is also currently around $248.6 billion.
ETH price has remained positive above $2k for the past 7 days. Source: CoinMarketCap
Meanwhile, ETH withdrawals surpassed 1 million tokens on Sunday, four days after the April 12, 2023 upgrade. As of press time, beaconcha.in dataIt shows that 1.05 ETH has been withdrawn from the Ethereum-based Beacon Chain, with 541, 725 withdrawals processed.
Virtu integrates Appital; R3 in diameter; Read today’s new nuggets.