Ordinal Inscriptions Surge Past 13 Million Amid Game-Changing Recursive Inscription Upgrade

On June 20, 2023, around 9 p.m. Eastern Time, the tally of Ordinal inscriptions minted on the Bitcoin blockchain surged past 13 million. A mere five days had elapsed since the 12 million milestone was reached, indicating a persistent demand for these inscriptions that shows no signs of diminishing. Moreover, there has been a recent [...]

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Crypto flows indicate ‘persistent apathy amongst investors’

Amid cryptocurrency’s battle with the crypto winter, institutional investors have shown a reluctance to put their money into digital asset investment products, CoinShares says in its latest crypto asset weekly flows report.

According to the digital asset manager, crypto investment products registered about $12 million in inflows last week, which is just about the range seen at the start of the month when CoinShares Head of Research James Butterfill pointed out hesitancy amongst investors.

Persistent apathy amongst #Bitcoin investors with minor inflows of US$12mhttps://t.co/0JjtU2FSwm

While the inflows have increased slightly from the $10.3 million seen in the last week of September, the lack of movement is seeing total assets under management (AuM) remain near recent lows.

Data from CoinShares shows current AuM to be $25 billion, not far off recent lows of $24 billion, with Butterfill pointing to the marginal figures seen over the past two weeks as representative of further apathy from investors.

“Investor apathy is persistent, with the last 5 weeks of flows, be it inflows or outflows representing less than 0.05% of AuM, compared to the year average of 0.16%.”

The crypto market is also registering persistent apathy among investors given Ethereum’s second week of outflows, Butterfill added in the report published on Monday. The Ether market recorded outflows of $3.9 million last week, up from $2.2 million seen the previous week.

As for Bitcoin, inflows last week were $8.8 million, the 5th straight week of inflows for the flagship cryptocurrency.

While this suggests marginal support from an investors’ point of view, fresh inflows into short Bitcoin investment funds – it was $6.7 million last week – implies a net neutral sentiment across the market.

A look at the market shows Bitcoin continues to hover near the $20,000 zone, while Ethereum is eyeing further strength above the $1,300 level.

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