Bitcoin Dominates Digital Asset Fund Flows with $140M Inflows in a Week
Jessie A Ellis Jul 17, 2023 14:59
In the past four weeks, digital asset investment products have seen a significant surge in inflows, totaling $742 million, according to the latest weekly report from CoinShares. This marks the largest run of inflows since the final quarter of 2021.
In the past four weeks, digital asset investment products have seen a significant surge in inflows, totaling $742 million, according to the latest weekly report from CoinShares. This marks the largest run of inflows since the final quarter of 2021.
In the week ending July 17, 2023, these products attracted $137 million in inflows. Bitcoin, the leading cryptocurrency, accounted for the lion's share, with inflows totaling $140 million, making up 99% of all inflows. This comes despite short Bitcoin investment products experiencing a 12th consecutive week of outflows, amounting to $3.2 million.
Trading volumes on investment products remained robust, totaling $2.3 billion for the week, well above the year's average of $1.4 billion. This indicates that investment products are making up a larger proportion of total crypto volumes, accounting for 11% last week compared to the 2% average.
North America was the primary focus of inflows, with the US and Canada seeing inflows of $109 million and $28 million respectively. In the meanwhile, Europe experienced minor outflows, with the exception of minor inflows in Switzerland.
Despite Ethereum's recent price appreciation, it did not attract inflows. Instead, it experienced outflows of $2 million last week, maintaining its position as the asset with the most outflows year-to-date.
Altcoins such as Solana, Polygon, and Litecoin saw minor inflows, ranging between $0.3 million and $0.5 million.
This data underscores the continued investor interest in Bitcoin, even as other digital assets show mixed fund flow trends.
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