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Meanwhile, the altcoin price crash triggered inflows for XRP, Cardano and Polygon. On June 19, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced out flows totaling $5.1 million last week. The out flows contributed to the continuation of a nine-week streak of out flows , resulting in a cumulative total of $423 million. Weekly crypto asset flows. Source: CoinShares The report noted that despite this downward trend, there was a glimmer of hope toward the end of the week, as news emerged that BlackRock, one of the world’s largest asset managers, had submitted an application for a Bitcoin (BTC) exchange-traded product (ETP) in the United States. This development resulted in minor inflows; however, they were not significant enough to offset the earlier outflows observed during the week. As a consequence, the streak of outflows persisted. Examining the regional breakdown, the ...

According to CoinShares, digital asset investment product outflows amounted to $88 million last week. On June 12, European cryptocurrency investment firm CoinShares published its latest weekly “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced outflows of $88 million last week. The substantial drawdown added to the ongoing eight-week streak of outflows , which now total $417 million. Analysts at CoinShares have attributed this ongoing trend to monetary policy considerations, as interest rate hikes show no signs of slowing down, prompting investors to remain cautious. Digital asset investment products have seen a substantial drawdown over the past 2 months. Source: CoinShares In the past week, Ether (ETH) products witnessed $36 million of outflows , marking the largest weekly outflows for the asset since the Ethereum Merge in September 2022. Meanwhile, Bitcoin (BTC) investment products witnessed outflows totaling $52 million during the a...

Masa Finance announced its deployment on the Celo blockchain with its new “Prosperity Passport” identity solution for users. A central focus for many in the Web3 community has been improving identity solutions available to consumers. Last year the emergence of soulbound tokens (SBT) introduced a new way for users to define themselves.  Although the SBT hype quieted over the last months, they have not disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance announced that it will deploy on the carbon-negative Celo Blockchain to create a new identity solution .  More than 10 million wallets active in the Celo ecosystem will be able to generate a Masa “Prosperity Passport.” This new Web3 identity solution allows users to mint a variety of SBTs related to their digital life, such as an authenticated user verification SBT, a credit score SBT, a community reputation SBT and a .celo domain name SBT. Calanthia Mei, the co-founder of Masa Finance said nonfungible tokens (NFTs) we...