Bitcoin sees $140M inflows as crypto investment products hit $2.3B weekly
Digital asset investment products saw a fourth consecutive week of inflows totaling $137 million, as reported by CoinShares.
The past month’s combined inflows of $742 million represent the most extensive continuous inflows since late 2021.
This comes after a long stretch of outflows between mid-April and mid-June 2023, totaling over $400 million. The reversal aligns with an uptick in Bitcoin’s price and renewed optimism from several spot Bitcoin ETF filings in the U.S. in June.
CoinShares reported that trading volumes on investment products remain above the 2022 average of $1.4 billion weekly, hitting $2.3 billion this past week. Investment product volumes currently comprise a greater share of total crypto volumes than usual, making up 11% of volumes last week versus just 2% on average.
The influx of investment was focused almost entirely on North America, with the U.S. and Canada seeing inflows of $109 million and $28 million, respectively. Europe saw minor outflows overall, except for slight inflows in Switzerland.
Bitcoin dominated inflows, taking in $140 million or 99% of total inflows. This continues Bitcoin’s dominance in recent weeks, attracting 94-98% of inflows over the past month. Meanwhile, short Bitcoin products continued their streak of outflows, now marking 12 consecutive weeks of outflows totaling $3.2 million. The recent price appreciation and sustained outflows have caused assets under management for short bitcoin products to plummet from an April peak of $198 million to just $55 million.
Despite recent gains in price, Ethereum did not see accompanying inflows. It posted $2 million of outflows last week and remains the asset with the most year-to-date outflows overall. Among altcoins, inflows were minor for Solana at $0.5 million, Polygon at $0.5 million, and Litecoin at $0.3 million. This comes after a brief surge into altcoin products in mid-June, which appears to have been only temporary.
The data indicates institutional and accredited investors steadily return to Bitcoin investment vehicles. However, interest in altcoins remains relatively subdued outside a handful of majors like Ethereum. The crypto investment landscape continues to favor Bitcoin over competing digital assets.
The post Bitcoin sees $140M inflows as crypto investment products hit $2.3B weekly appeared first on CryptoSlate.
