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CoinShares digital asset report finds weakest year since 2018

CoinShares’ annual digital asset report finds inflows of USD433 million in 2022, but the weakest year since 2018.

Digital assets saw inflows totalling USD433 million for the whole of 2022, the lowest since 2018 when there were inflows of only USD233 million, the firm writes. 

In a year where bitcoin prices fell by 63 per cent, a clear bear market precipitated by irrational exuberance and an overly hawkish FED, it is encouraging to see investors on the whole still choosing to invest, CoinShares says, adding: “And in many cases tactically adding to positions during price weakness”.

2022 saw the emergence of short-investment products which saw inflows of USD108 million, but CoinShares writes that they remain a niche asset which represent only 1.1 per cent of total bitcoin AuM.

Digital assets saw inflows totalling USD433 million for the whole of 2022, the lowest since 2018 when there were inflows of only USD233 million. Proportionally, the mid-year outflows in early 2018 were far more aggressive than they were in 2022 with total weekly outflows at one point reaching 1.8 per cent of total assets under management. In comparison, the outflows in 2022 reached a weekly peak representing only 0.7 per cent of AuM, CoinShares says. Regardless, the inflows were significantly lower than 2021 and 2020 when there were inflows of USD9.1 billion and USD6.6 billion respectively.

Bitcoin and multi-asset investment products were the main beneficiaries, seeing inflows totalling USD287 million and USD209 million respectively. Ethereum had a tumultuous year which CoinShares believes was due to investor concerns over a successful transition to proof of stake and continued issues over the timing of un-staking, and the firm believes will occur in Q2 2023.

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