Investors have shown renewed confidence in ethereum-linked digital asset investment products, with a recent report from CoinShares revealing inflows of $17 million for the week ending April 21.
This marks a significant increase from the previous week’s $300,000 entry, which is largely attributed to the Ethereum blockchain upgrade on April 12.
The update introduced new features, including the ability to withdraw staked ether, which was well received by investors. These staked ether tokens are deposited to support operations on the Ethereum blockchain and typically earn passive income in the form of more tokens.
However, the report also shows that there were outflows of approximately $30 million in total investments in digital asset products last week, ending a six-week streak of inflows.
Bitcoin exits due to profit taking
Bitcoin saw $53 million in outflows, which is a significant change from the $310 million inflows recorded in the previous four weeks. This was attributed to profit taking, as Bitcoin reached the psychological $30,000 level without any macroeconomic triggers.
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token unlocks data indicated that since the April 12 update, approximately 1.66 million ether stakes worth $3.04 billion have been withdrawn, with another 1.09 million ether deposited for staking, while approximately 621,030 ethers are up for grabs. waiting to be removed.
Despite renewed investor confidence in ethereum-linked digital asset investment products, the value of ether fell 1.42% over the past 24 hours, trading at $1,816 and posting a 13.71% loss on the last seven days.
Bitcoin fell 1% in the last 24 hours to trade at $27,343, marking a weekly drop of 8.54%, according to CoinMarketCap data.
