Bitcoin Leads Bullish Trend with $125M Inflows in Overall Crypto Market
Terrill Dicki Jul 03, 2023 11:52
CoinShares reports a significant increase in investor bullishness towards digital assets, with a total inflow of $125 million in the past week. In the last fortnight, inflows totaled $334 million, representing nearly 1% of the total assets under management (AuM).
CoinShares reports a significant increase in investor bullishness towards digital assets, with a total inflow of $125 million in the past week. In the last fortnight, inflows totaled $334 million, representing nearly 1% of the total assets under management (AuM).
Bitcoin remains the primary choice for investors, with a massive $123 million inflow over the past week. Bitcoin investment products have bounced back to a net inflow year-to-date, overturning a net outflow position of $171 million just two weeks prior. Despite the recent uptick in price, short-Bitcoin investment products experienced a tenth consecutive week of outflows, now representing 59% of AuM.
However, short-Bitcoin remains the second-best-performing asset in terms of year-to-date inflows, with $60 million. As for altcoins, Ethereum leads the pack with inflows totaling $2.7 million, followed closely by Cardano, Polygon, and XRP. Multi-asset and Solana experienced minor outflows of $1.8 million and $0.8 million, respectively. Blockchain equities have also seen a resurgence, with inflows of $6.8 million following a 9-week streak of outflows.
The surge in digital asset investment and blockchain equities indicates growing investor confidence in the crypto industry.
The total AuM reached $37 billion during the week, matching the highest level since early June 2022 and the average AuM for 2022. Trading activity remains robust, with a weekly volume of $2.3 billion, substantially higher than the year-to-date average of $1.5 billion.
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