Cryptocurrency investment products continued to see inflows this week, following the inflows seen last week. According to data from CoinShares, digital asset investment products recorded $1.44 billion worth of inflows last week, a further sign of bullish momentum returning to the crypto industry. This brings total inflows for the two week period to $1.881 billion, after three consecutive weeks of outflows. Adding in last week's figures, total inflows into cryptocurrency investment funds this year reached a record $17.8 billion.
Bullish returns among institutional crypto investors
Crypto investment products are beginning to reflect an overall shift in market sentiment, according to the latest data from CoinShares. The latest weekly report, This shift to bullish sentiment has helped digital investment products surpass the $10.6 billion in inflows they received during the 2021 bull market.
Last week's inflows were $1.44 billion, the fifth-largest weekly inflow on record. Bitcoin Gains Most Bitcoin, the world's first and largest crypto asset, has always been in the spotlight among other cryptocurrencies. This cryptocurrency has been gaining attention in recent months since the launch of the Spot Bitcoin ETF. Bullish momentum returns Bitcoin recorded $1.35 billion in inflows last week, the fifth-largest weekly inflow on record. Notably, this inflow was generated by: The sale price was 45,000 BTC from the German state of Saxony.
Meanwhile, short Bitcoin products saw an outflow of $8.6 million. Short Bitcoin products are for investors who expect the price of Bitcoin to fall. With this in mind, we can assume that the withdrawal of short positions is a sign of a weakening of the bearish outlook of institutional investors.
Ethereum leads the altcoin market Net inflows were $72 million, bringing the year's total net inflows from minus $15 million at the start of the week to minus $57 million by the weekend. Solana Exchange-traded funds (ETFs) followed suit with net inflows of $4.4 million, down 270% from the previous week's $16.3 million. As of writing, Solana's total inflows this year are now $62 million.
Litecoin, Rippleand Cardano They saw inflows of $1.2 million, $1 million and $1.2 million respectively. Multi-asset investment vehicles also recorded inflows of $17.2 million.
ETPs are one of the best ways for institutional investors to invest in cryptocurrencies such as Bitcoin and Ethereum. Since the beginning of the year, ETP usage has increased, especially in North America. By region, the largest inflows were from the United States with $1.274 billion, followed by Switzerland with $57.5 million, Hong Kong with $54.6 million, and Canada with $23.2 million.
According to CoinShares, total assets under management (AuM) currently stand at $84.713 billion.
Featured image created by Dall.E, chart taken from Tradingview.com
