- Bitcoin inflows over last week was $133 million, compared to Ethereum’s $2.9 million.
- Total inflows into crypto asset products was $136 million, with this the third consecutive week of inflows.
- Altcoins such as XRP, Solana, Polygon, Litecoin and Aave saw minor inflows.
Inflows into crypto investment products was $136 million this past week as the confidence in the digital assets investment space continued to build momentum.
According to data from crypto asset management firm CoinShares, last week marks the third consecutive week of inflows. With investors putting over $470 million into various crypto products, the 3-week period has resulted in a full correction of the outflows recorded over the previous nine weeks.
CoinShares’ report highlighting the digital asset investment market puts the year-to-date flows at a net positive of $231 million.
Bitcoin saw $133 in inflows
With Bitcoin mostly bullish in the past few weeks, institutional investors’ focus has largely been predominantly on Bitcoin products. That is explained by the inflows of $133 million for Bitcoin over the week, masively dwarfing Ethereum’s $2.9 million. Short-bitcoin products indeed saw outflows of $1.8 million to reinforce this perspective.
Leading altcoins such as XRP, Solana, Polygon, Litecoin and Aave recorded minor inflows. Even then, the signal is investors have a mostly positive outlook for the flagship crypto asset compared to altcoins.
Bullish crypto market after BlackRock ETF filing
This has come at a time when sentiment across the broader crypto market has largely flipped bullish and spot prices ticked up for most cryptocurrencies.
Numerous spot Bitcoin ETF proposals, led by top asset manager BlackRock, helped bulls push to new YTD levels. [Read more]
However, the uptick in inflows has come amid reduced trading turnover. The past week had a total investment products volume of $ 1 billion, compared to an average of $2.5 billion over the two weeks prior. Per CoinShares, low volumes seen over the week are likely due to seasonal effects – a scenario typically observed between July and August.