Inflows Into Crypto Investment Last Week Reached $30 Million, CoinShares Reports
Inflows Into Crypto Investment Last Week Reached $30 Million
According to a recently released data from CoinShares, inflows into digital asset investment products last week reached $30 million, whereas inflows the week before had increased from $12 million to $343 million.
The week before last had the largest single week of inflows since November 2021, the study said, with $343 million going into digital asset investment products.
CoinShares said this week that $30 million had been recorded as inflows into digital asset investment products, bringing the total amount since the beginning of the month to $394 million and total assets under management back to levels seen in early June 2022 of $30 billion.
Bitcoin had inflows last week totalling $19 million, up from $206 million the week before. The largest weekly inflows for the top cryptocurrency since May 2022 were reflected by this.
Additionally, according to CoinShares, the performance over the last week increased inflows to $241.3 million for the year and $221.5 million for the month.
To put things in perspective, Bitcoin’s YTD inflows account for 58% of the $415 million in YTD inflows totaled by all the assets taken into account by CoinShares in its report.
Short-Bitcoin had inflows of $0.6 million last week. The favorable price movement for Bitcoin, however, caused the asset’s Assets under Management to drop by 9% from its 13 July peak of $145 million to $133 million.
CoinShares discovered that Ethereum received $8.1 million in total inflows during the last week, nevertheless. The top altcoin had inflows of $120 million during the previous week.
This was the greatest single week of inflows since June 2021, and the study claims that it “implied a turning point in sentiment after a recent 11-week run of outflows.” Investor interest in the top altcoin is steadily regaining as the Merge draws near, according to CoinShares.
Due to the altcoin’s success last week, its MTD inflows have reached $137 million. This accounted for 35% of the $393.5 million in MTD inflows for all the assets that CoinShares evaluated.
Switzerland accounted for the majority of inflows throughout the study period, according to CoinShares’ analysis.
Switzerland provided $16 million of the $30 million in inflows into digital asset investment products that were recorded last week. The previous week had $356 million in inflows from Switzerland.
CoinShares said that Switzerland continues to be the “favored region for digital asset investors” with YTD inflows at $577 million. With small inflows of $9 million and $5 million, the USA and Germany followed behind.
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