Ethereum (ETH) Shanghai and Capella (Shapella) upgrades boosted investor confidence, generating $17 million worth of revenue in ETH-based investment products during the week of April 17-23, according to CoinShares weekly report.
Although ETH-based products flourished, the overall market for crypto investment tools posted a $30 million loss over the previous week as CoinShares report fixed.
The losses recorded for the week of April 17 were the first hostile movement in five weeks. The report noted that outflows started to rise during the previous week, on April 14, when Bitcoin (BTC) breached the $30,000 price mark.
ETH’s Shapella update also coincided during the same week, pushing investors to bet on BTC during the week of April 10. Considering that outflows started to rise in the middle of the week, it suggests that the selloff was probably the result of investors wanting to take profits.
Flows by asset
The outings sprang up on April 14 and continued through the week of April 17. However, as defined in the report, profit taking was only limited to BTC, which recorded $53.1 million in outflows.
Ripple (XRP) was the only other asset to contribute to the outflows, losing $400,000 during the week.
ETH led the assets contributing to inflows by raising $16.8 million. BTC short products Litecoin (LITE) and Solana (SOL) also saw inflows worth $1.5 million, $200,000, and $700,000, respectively.
Flows by country
Regionally, North America led the BTC sell-off. Canada recorded $32 million in departures, while the US recorded another $21.9 million. Sweden also contributed another $7 million to the flows.
Meanwhile, Germany emerged as the leading ticket country by adding $28.7 million to the market. Brazil and Switzerland also recorded inflows, worth $1.3 million and $600,000, respectively.
Categorizing flows by provider, ProShares emerged as the top provider with the largest number of outflows worth $23.4 million. 3iQ and CoinShares XBT saw another $20.9 million and $7 million in outflows.
CoinShares Physical recorded $15.7 million in inflows, bringing the total to $8.7 million in inflows for CoinShares. 21 Shares and Purpose also had $2.3 million and $900,000 in tickets, respectively.
