$136M Inflow into Crypto Assets, Bitcoin Remains Preferred Choice
Terrill Dicki Jul 10, 2023 22:08
In the latest update from CoinShares, digital asset investment products have seen a significant inflow of $136 million in the past week. This surge marks the third consecutive week of inflows, totaling $470 million, effectively offsetting the outflows observed in the preceding nine weeks.
In the latest update from CoinShares, digital asset investment products have seen a significant inflow of $136 million in the past week. This surge marks the third consecutive week of inflows, totaling $470 million, effectively offsetting the outflows observed in the preceding nine weeks.
Bitcoin continues to be the primary focus for investors, with inflows totaling $133 million last week. This trend indicates a strong investor preference for Bitcoin over altcoins. In contrast, short-Bitcoin saw outflows of $1.8 million, marking its 11th consecutive week of outflows.
Despite the general upward trend, trade volume has decreased. Investment goods totalled $1 billion last week, down from $2.5 billion on average over the preceding two weeks. This volume decline might be attributable to seasonal impacts, since lower volumes are normal in July and August.
Ethereum, another significant participant in the digital asset market, had $2.9 million in inflows last week. However, it has profited only little from increased market sentiment. Inflows during the previous three weeks account for just 0.2% of total assets under management (AuM), compared to 1.9% for Bitcoin. Ethereum continues to have negative net flows year to far, with outflows totaling $63 million.
Other altcoins, including Solana, XRP, Polygon, Litecoin, and Aave, also experienced inflows. However, Cosmos and Cardano saw minor outflows.
In another noteworthy development, blockchain equities recorded the largest inflows for a year, totaling $15 million.
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