2022 is probably one of the worst years for the crypto industry. The market crash over the summer was one of the worst, with many firms going underwater. Bitcoin (BTC) had its worst quarter ever in Q2 2022, and Ethereum (ETH) has not managed to keep investors excited even with its transition to a PoS (Proof-of-Stake) model.
In the newest edition of CoinShares’ weekly fund flows report, the asset management firm noted a “continued investor hesitancy.” As per the report, crypto investment products saw inflows of $10.3 million in the last week. Bitcoin (BTC) had inflows of only $7.7 million, with short Bitcoin inflows of $2.1 million. Nonetheless, BTC did see flows increase by $271.6 million YTD (year-to-date).
Ethereum (ETH) on the other hand witnessed inflows of $5.6 million over the previous week, with short Ethereum inflows of $0.9 million. However, ETH had the worst performing outflow year-to-date with $361.3 million moving out. The report noted that a rising dollar and increased regulations are probably why ETH has not been able to rally.
Going by a country-wise breakdown, Germany had the highest outflows last week, with $9.1 million worth of crypto assets leaving the country. This is most likely due to the energy crisis that is currently looming over Europe. Germany gets nearly 41% of its energy requirements from Russia. The Nord Stream gas pipeline may be shut down due to rising tensions, and also leaks, leading to a rise in energy costs in Europe. But going by the year-to-date data, Canada has lost the most with $411.1 million worth leaving the country.