Digital Asset Investment Roars Back with $29M Inflows Last Week
Key Points:
- Digital asset investments surged by $29M after a 3-week dip, driven by positive U.S. inflation data.
- Bitcoin leads with a $27M inflow after a $144M outflow, highlighting ongoing investor trust.
- Ethereum and XRP stand out, while XRP’s 16-week inflow streak continues, with a 127% year-to-date growth.
According to the CoinShares weekly report, digital asset investment products have shown a remarkable turnaround, with a net inflow of $29 million this week.
This positive shift follows a three-week period of outflows. The driving force behind this renewed interest is the recent U.S. inflation data, which came in slightly lower than anticipated. This data has lessened the likelihood of a rate hike in September.
Bitcoin spearheaded this resurgence, witnessing an impressive inflow of $27 million. This recovery comes on the heels of three consecutive weeks of outflows totaling $144 million.
Interestingly, short Bitcoin investment products, which had experienced minor inflows the previous week, reverted to outflows, recording $2.7 million in the past week.
Remarkably, Bitcoin stands as the sole asset with outflows in this period, underscoring the continued positive sentiment surrounding the cryptocurrency market despite the seasonal dip in trading volumes.
Other altcoins also experienced favorable movements. Ethereum led the way with inflows of $2.5 million, while Uniswap and Solana saw inflows of $0.7 million and $0.4 million, respectively.
XRP maintained its positive trajectory, reporting $0.5 million in inflows and extending its streak of consecutive inflow weeks to 16. These inflows now account for 12% of the assets under management (AuM) for XRP, which have impressively risen by 127% since the beginning of the year.
Geographically, the activity was concentrated in Canada, where inflows reached $24 million, although year-to-date figures suggest it still lags behind other countries. Switzerland was the only other significant contributor, with inflows totaling $8 million.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Digital Asset Investment Roars Back with $29M Inflows Last Week
Key Points:
- Digital asset investments surged by $29M after a 3-week dip, driven by positive U.S. inflation data.
- Bitcoin leads with a $27M inflow after a $144M outflow, highlighting ongoing investor trust.
- Ethereum and XRP stand out, while XRP’s 16-week inflow streak continues, with a 127% year-to-date growth.
According to the CoinShares weekly report, digital asset investment products have shown a remarkable turnaround, with a net inflow of $29 million this week.
This positive shift follows a three-week period of outflows. The driving force behind this renewed interest is the recent U.S. inflation data, which came in slightly lower than anticipated. This data has lessened the likelihood of a rate hike in September.
Bitcoin spearheaded this resurgence, witnessing an impressive inflow of $27 million. This recovery comes on the heels of three consecutive weeks of outflows totaling $144 million.
Interestingly, short Bitcoin investment products, which had experienced minor inflows the previous week, reverted to outflows, recording $2.7 million in the past week.
Remarkably, Bitcoin stands as the sole asset with outflows in this period, underscoring the continued positive sentiment surrounding the cryptocurrency market despite the seasonal dip in trading volumes.
Other altcoins also experienced favorable movements. Ethereum led the way with inflows of $2.5 million, while Uniswap and Solana saw inflows of $0.7 million and $0.4 million, respectively.
XRP maintained its positive trajectory, reporting $0.5 million in inflows and extending its streak of consecutive inflow weeks to 16. These inflows now account for 12% of the assets under management (AuM) for XRP, which have impressively risen by 127% since the beginning of the year.
Geographically, the activity was concentrated in Canada, where inflows reached $24 million, although year-to-date figures suggest it still lags behind other countries. Switzerland was the only other significant contributor, with inflows totaling $8 million.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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