Crypto investment products have experienced another week of inflows, adding to the inflows seen in the previous week. According to data from CoinShares, digital asset investment products recorded inflows of $1.44 billion last week, another sign of bullish momentum returning to the crypto industry. This brings total inflows over the two-week period to $1.881 billion after three consecutive weeks of outflows. With last week’s data, the total value of inflows into crypto investment funds this year now stands at a record $17.8 billion.
Bullish returns among institutional crypto investors
The latest data shows that crypto investment products are starting to reflect the overall change in market sentiment. As noted by CoinShares Latest Weekly Report, This shift in bullish sentiment has allowed digital investment products to surpass the $10.6 billion in inflows they received during the 2021 bull market.
Related reading
Last week’s inflows were $1.44 billion, the 5th largest weekly inflow on record. Bitcoin got the biggest share of investment. As the world's first and largest crypto asset, Bitcoin has always been the center of attraction among other cryptocurrencies. Cryptocurrency has also been in the spotlight for the last few months since the launch of the spot Bitcoin ETF. The return of the boom Bitcoin received $1.35 billion last week, which is also the fifth-largest weekly inflow on record for Bitcoin. Notably, this inflow came amid concerns about selling pressure sales of more than 45,000 BTC by the German state of Saxony.
On the other hand, short-bitcoin products saw $8.6 million worth of withdrawals. Short-bitcoin products are for investors who anticipate a drop in the price of bitcoin. Taking this into account, it can be speculated that the withdrawal of short positions is a manifestation of a decrease in bearish outlook among institutional investors.
Ethereum Leads the Altcoin Market With net inflows of $72 million, its total net inflows this year fell from negative $15 million at the start of the week to $57 million at the end of the week. Solana Exchange-traded products also saw net inflows of $4.4 million, down 270% from the previous week’s $16.3 million. At the time of writing, Solana’s total inflows this year are $62 million.
Litecoin, XRPAnd Cardano Investments in multi-asset investment products also amounted to $17.2 million.
Related reading
ETPs are still one of the best ways for institutional investors to invest in cryptocurrencies such as Bitcoin and Ethereum. Their use has been on the rise since the beginning of the year, especially in North America. By geography, the United States saw the largest investments at $1.274 billion, followed by Switzerland at $57.5 million, Hong Kong at $54.6 million, and Canada at $23.2 million.
According to CoinShares, total assets under management (AUM) are now $84.713 billion.
Featured image created by Dall.E, chart taken from Tradingview.com
