Digital Asset Fund Flows Weekly

7th February 2022

Sentiment continues to improve with 3rd week of inflows totalling US$85m

• Bitcoin continues to lead the inflows with US$71m last week, the largest since early December
with this 3-week run of inflows totalling US$108m.

• Ethereum enters its 9th week of outflows suggesting investors remain bearish.

• A broad set of altcoins also saw inflows, such as Solana, Polkadot and Cardano which saw
inflows totalling US$2.4, US$2.2m and US$1.1m respectively.

• Terra also saw its first significant inflows totalling US$1.4m last week, representing 26% of
AuM.

Weekly Crypto Asset Flows (US$m)

1,600
Digital asset investment products saw inflows
1,400 totalling US$85m last week, marking the 3rd week
1,200 of inflows totalling US$133m, suggesting
1,000
continued positive sentiment amongst investors.
800

600
Total assets under management (AuM) now total
400 US$52.4bn with January 24th marking the low
200 point in the most recent run of negative
0
sentiment. While Europe has seen inflows
-200

-400
(US$10.3m), the majority has been from the
28 33 38
2020/21 week number
43 48 53 6
Americas, particularly Brazil and Canada
Source: Bloomberg, CoinShares, data available as of close 04 February 2022
(US$75m).
Flows by Provider (US$m)
Week MTD YTD Bitcoin continues to lead the inflows with US$71m
flows flows flows AUM
Grayscale - - - 36,368 last week, the largest since early December with
CoinShares XBT -14.3 -11.6 -97 3,270
CoinShares Physical 7.1 -0.4 -5 485
this 3-week run of inflows totalling US$108m.
3iQ -2.5 -1.8 -10 2,144 Volumes in Bitcoin investment products remained
21Shares 9.7 8.4 35 1,719
Purpose 61.7 59.9 41 1,408 low last week at US$1.8bn versus US$3.4bn the
ProShares -3.4 -3.4 0 1,028 previous week.
ETC Group 0.2 0.7 -142 785
Other 26.6 23.1 34 5,188
Total 85.0 74.8 -142 52,396 Investment products flows for Ethereum suggest
Flows by Asset (US$m) investors remain bearish with outflows of
Week MTD YTD US$8.5m, having entered the 9th week run of
flows flows flows AUM
Bitcoin 71.4 64.8 -60 34,400
outflows totalling US$280m representing 2.2%
Ethereum -8.5 -8.8 -119 12,930 of AuM.
Multi-asset 15.5 10.8 41 3,989
Binance -0.7 - -19 415
Litecoin - - 2 197 A broad set of altcoins also saw inflows, such as
Solana 2.4 2.4 7 152
Polkadot 2.2 1.4 -2 66
Solana, Polkadot and Cardano which saw inflows
Cardano 1.1 1.1 3 66 totalling US$2.4, US$2.2m and US$1.1m
Tron -0.5 -0.5 -4 62
Ripple - - 3 51 respectively. Terra also saw its first significant
Other
Total
2.3
85.0
3.7
74.8 -142
7
52,396
67
inflows totalling US$1.4m last week, representing
Source: Bloomberg, CoinShares, data available as at 04 Feb 2022 26% of AuM.

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

400
400
200
200
0
0
-200
-200
-400
-400 28 33 38 43 48 53 6
8 13 18 23 28 33 38 43 48 53 6 2020/21 Week number
2020/21 Week number Source: Bloomberg, CoinShares, data available as of close 04 February 2022
Source: Bloomberg, CoinShares, data available as of close 04 February 2022

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
2016 2017 2018 2019 2020 2021 2022 -0.3%
2018 2019 2020 2021 2022
Source: Bloomberg, CoinShares, data available as of close 04 February 2022
Source: Bloomberg, CoinShares, data available as of close 04 February 2022

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

Blockchain Equities ETPs Bitcoin ETP & Mutual Fund Turnover as % of Total Bitcoin
Turnover (Trusted Exchanges)
Week MTD YTD AuM 100%
flows Flows flows (US$m)
90%
Invesco Coinshares Global Bloc - - 14 1,038
80%
Amplify Transformational Data 9.8 8.1 18 980
Siren Nasdaq Nexgen Economy Et - - -16 222 70%

First Trust Indxx Innovative T 2.2 - 7 156 60%

Bitwise Crypto Industry Innova 4.5 3.4 12 104
50%
Global X Blockchain Etf -1.2 -1.2 6 93
40%
Goldman Sachs Finance Reimagin - - - 52
Vaneck Digital Transformation 4.7 2.7 13 50 30%

Capital Link Global Fintech Le - - -2 27 20%

Horizons Big Data & Hardware I - - -0 13
10%
Viridi Cleaner Energy Crypto-M - - - 12
0%
Defiance Digital Revolution Et - - 3 11 2016 2017 2018 2019 2020 2021 2022
Invesco Alerian Galaxy Crypto - - 1 8
Source: Bloomberg, CoinShares, data available as of close 04 February 2022
Volt Crypto Industry Revolutio -1.1 - 0 4
Invesco Alerian Galaxy Blockch - - - 4
Grayscale Future Of Finance Et -0.0 -0.0 -0 3
Etc Group Digital Assets And B - - 2 3
Melanion Btc Equities Universe -0.1 -0.2 0 3
Cosmos Global Digital Miners A 0.0 - 0 1
Total 18.8 12.7 57 2,783
Source: Bloomberg, CoinShares, data available as of close 07 February 2022

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

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