Digital Asset Fund Flows Weekly

13th December 2021

Despite the price fall, inflows continue, but opinion amongst investors is extremely polarised.
• Digital asset investment products saw inflows totalling US$88m last week, although this
masks very mixed flows across providers.

• Some providers saw outflows representing as much as 11% of assets under management
(AuM) while others saw inflows representing 14% of AuM.

• Solana, Tron and Multi-asset investment products bucked the trend with inflows totalling
US$19m, US$17m and US$15m respectively.

• The recent price appreciation of Tron, a “world computer” coin, has pushed its total AuM to
above that of Cardano.
Weekly Crypto Asset Flows (US$m) Digital asset investment products saw inflows
1,600 totalling US$88m last week, although this
1,400
masks very mixed flows across providers. Some
1,200
providers saw outflows representing as much as
1,000
11% of assets under management (AuM) while
800
others saw inflows representing 14% of AuM.
600
Suggesting extremely polarised opinion
400
amongst investors, with some panic selling
200
during this most recent price decline, while
0
others seeing it as a buying opportunity. This
-200
20 25 30
2020/21 week number
35 40 45 50
divergence in views is broadly regional too, with
Source: Bloomberg, CoinShares, data available as of close 10 December 2021
providers in North America seeing flows, while
those in Europe seeing outflows.
Flows by Provider (US$m)
Week MTD YTD All the panic selling was focussed on Bitcoin last
flows flows flows AUM
Grayscale 0.0 0.0 2,461 45,204 week, despite this, on an aggregate basis Bitcoin
CoinShares XBT -27.4 -28.8 -1,098 4,456 saw inflows totalling US$51m. Despite this
CoinShares Physical 3.3 0.6 492 621
3iQ -40.0 -52.0 1,368 2,759 trading volumes across investment products fell
21Shares
Purpose
-1.9
176.6
7.0
223.9
1,021
750
2,267
1,635
by 13% to US$3.1bn for the week.
ETC Group -116.8 -160.0 776 1,333
ProShares 47.7 82.8 1,676 1,269 Ethereum saw minor outflows totalling US$17m
Other 46.3 70.5 2,052 6,049 last week, the first time following 6 weeks of
Total 87.8 144.0 9,497 65,592
inflows, although it reflects only 0.09% of AuM
Flows by Asset (US$m) and is therefore likely not meaningful.
Week MTD YTD
flows flows flows AUM
Bitcoin 51.0 88.2 6,456 41,392
Solana, Tron and Multi-asset investment
Ethereum -17.2 -3.6 1,525 18,167 products bucked the trend with inflows totalling
Multi-asset
Binance
14.6
-0.9
17.8
-0.9
779
7
4,552
621
US$19m, US$17m and US$15m respectively. The
Litecoin 0.2 0.5 93 254 recent price appreciation of Tron, a “world
Solana 18.8 24.5 211 232
Polkadot 1.4 -3.8 112 89
computer” coin, has pushed its total AuM to
Cardano 1.8 1.8 106 68 above that of Cardano.
Tron 17.2 17.2 95 92
Ripple 0.6 0.6 61 62
Other 0.4 1.7 52 64
Total 87.8 144.0 9,497 65,592
Source: Bloomberg, CoinShares, data available as at 10 Dec 2021

James Butterfill - research@coinshares.com | coinshares.com

 Weekly Crypto Asset Flows by Asset (US$m) Weekly Crypto Asset Flows by Institution (US$m)

Bitcoin Grayscale Investments LLC/USA

1,600
1,600 CoinShares XBT
Ethereum
CoinShares Physical 1,400
Ripple 1,400
3iQ Corp/Canada
Bitcoin Cash 21Shares AG 1,200
1,200
Polkadot ETC Group
Binance Purpose Investments 1,000
1,000
Multi-asset ProShares
800
Other 800 Other
600
600

400
400

200
200

0
0

-200
-200

-400
-400
20 25 30 35 40 45 50 20 25 30 35 40 45 50
2020/21 Week number 2020/21 Week number
Source: Bloomberg, CoinShares, data available as of close 10 December 2021
Source: Bloomberg, CoinShares, data available as of close 10 December 2021

Digital Asset ETP & Mutual fund Net New Assets US$m Crypto Asset Fund Flows as a Percentage of Fund
AuM
0.7%

50,000 Net new assets average daily fund flows (1 month) as a percentage of AuM
AuM
0.5%

5,000
0.3%
log scale

0.1%

500

-0.1%

50 -0.3%
2016 2017 2018 2019 2020 2021 2018 2019 2020 2021
Source: Bloomberg, CoinShares, data available as of close 10 December 2021 Source: Bloomberg, CoinShares, data available as of close 10 December 2021

Blockchain Equities ETPs Bitcoin ETP & Mutual Fund Turnover as % of Total Bitcoin
Week MTD YTD AuM Turnover (Trusted Exchanges)
100%
flows Flows flows (US$m)
Amplify Transformational Data 19.6 39.3 1037 1,464 90%

Invesco Coinshares Global Bloc 20.6 26.1 647 1,230 80%

Siren Nasdaq Nexgen Economy Et -1.1 -0.0 72 275
70%
First Trust Indxx Innovative T 2.2 4.3 79 144
Bitwise Crypto Industry Innova 5.9 5.9 124 117 60%

Global X Blockchain Etf - 10.9 127 110 50%

Vaneck Digital Transformation - - 67 55
40%
Capital Link Global Fintech Le - - 6 31
Viridi Cleaner Energy Crypto-M - - 18 18 30%
Horizons Big Data & Hardware I 1.7 1.7 4 15
20%
Invesco Alerian Galaxy Crypto - - 5 10
Invesco Alerian Galaxy Blockch - - - 5 10%

Melanion Btc Equities Universe 0.1 0.2 2 3 0%

Cosmos Global Digital Miners A 0.1 0.1 2 2 2016 2017 2018 2019 2020 2021

Etc Group Digital Assets And B - - 1 1

Source: Bloomberg, CoinShares, data available as of close 10 December 2021
Total 49.0 88.3 2,191 3,474
Source: Bloomberg, CoinShares, data available as of close 13 December 2021

James Butterfill - research@coinshares.com | coinshares.com

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James Butterfill - research@coinshares.com | coinshares.com