Crypto investment products see $136 million for 3rd week of inflows

[ad_1]

Bitcoin inflows over the past week were $133 million, compared to $2.9 million for Ethereum. Total inflows into crypto asset products came in at $136 million, the third consecutive week of inflows. Altcoins such as XRP, Solana, Polygon, Litecoin and Aave saw minor inflows.

Inflows into crypto investment products stood at $136 million last week as confidence in the digital asset investment space continued to gain momentum.

According to data from crypto asset management firm CoinShares, the past week marks the third consecutive week of inflows. With investors investing over $470 million in various crypto products, the 3-week period saw a complete correction in the outflows recorded over the previous nine weeks.

CoinShares’ report highlighting the digital asset investment market puts year-to-date flows at a net positive $231 million.

Bitcoin saw $133 in inflows

With Bitcoin mostly bullish over the past few weeks, institutional investors have largely focused on Bitcoin commodities. This is explained by Bitcoin’s inflows of $133 million during the week, massively eclipsing Ethereum’s $2.9 million. Short-bitcoin products indeed saw outflows of $1.8 million to bolster this outlook.

Major altcoins such as XRP, Solana, Polygon, Litecoin and Aave saw minor inflows. Even then, the signal is that investors have a rather positive outlook for the flagship crypto asset relative to altcoins.

Bullish Crypto Market After BlackRock ETF Filing

This came at a time when sentiment across the broader crypto market has largely swung higher and spot prices have risen for most cryptocurrencies.

Numerous spot Bitcoin ETF proposals, led by top asset manager BlackRock, have helped bulls to new levels since the start of the year. [Read more]

However, the rise in admissions occurred against the backdrop of declining turnover. Last week, the total volume of investment products was $1 billion, compared to an average of $2.5 billion in the previous two weeks. According to CoinShares, the low volumes seen during the week are likely due to seasonal effects – a scenario typically seen between July and August.

Share this articleCategoriesTags

[ad_2]