According to data published by CoinShares, last week saw an increase in deposits of investment products in digital assets. In the last seven days, the figure reached 137 million dollars.
CoinShares emphasized that, with these notes, the streak marks a fourth consecutive week. The amount for that period reached 742 million dollars. These new figures interrupt a reverse cycle, characterized by going in the direction of withdrawals. The clarifying data on the panorama is that it is the longest streak of deposits since the fourth quarter of 2021.
Details of Cryptocurrency Work Done by CoinShares
The weekly survey of the European company concludes that the annual average in terms of trading volume remains above 1,400 million dollars. Furthermore, it concludes in these terms:
“Digital asset investment products recorded $137 million in inflows last week. Tickets for the last 4 weeks now stand at $742 million, representing the largest number of tickets since the last quarter of 2021.”
“These volumes also represent a larger proportion of total cryptocurrency trading volumes, accounting for 11% last week, significantly higher than the 2% average.”
“Bitcoin saw inflows totaling $140 million, which comprise 99% of all inflows. While shorted bitcoin investment products saw a 12th week of outflows of $3.2 million.”
Ethereum did not continue the favorable trend in terms of income of most cryptocurrencies. Over the past seven days, it has earned a $2 million record from exits. If the comparative cut is made taking into account so far in 2023, Ethereum would be at the top of the list of cryptocurrencies that have suffered the greatest number of withdrawals.
CoinShares tweeted on July 17 that “In terms of crypto assets, $BTC is comprising 99% of inflows with a total of US$140m. Bitcoin investment products saw a 12th week of outflows of US$3.2m.”
The work pays special attention to the origin of the entries. The United States and Canada take an overwhelming majority of cryptocurrency trades, reaching $109 million in revenue for the former and $28 million for the latter.
The SEC vs. Ripple Factor
One of the reasons on which the study on the support of deposit levels can be based is directly related to one of the most important legal battles in the crypto universe. It is worth remembering that a United States federal judge ruled in favor of Ripple in its case against the United States Securities and Exchange Commission. On the spot, the price of XRP skyrocketed over 37%.
Its relevance grew with the passage of time. The judicial resolution comes after a legal fight of almost three years and could set a precedent for future similar cases. The initial lawsuit came in December 2020, when the SEC filed charges against Ripple for the alleged sale of “unregistered securities.”
A few hours ago, Gary Gensler, president of the SEC, expressed his frustration regarding Ripple’s judicial victory against the lawsuit that the commission had filed.
“We are satisfied with this decision that recognizes the importance of protecting institutional investors. Although we are disappointed with what they said about retail investors, we are still looking at it and evaluating that opinion.”
In regards to an eventual regulatory proposal, he pointed out that he would “reserve our comment on any bill for members of Congress who ask us directly.”
By Audy Castaneda
