Digital assets and crypto investment products managed to pull in $64 million in inflows last week as the market continues to gain its footing.
Last week’s crypto inflows were mostly made up of short-term bitcoin investment products, despite recovering from last week’s $423 million outflow, according to the latest report from CoinShares.
However, smaller inflows into regions other than the United States were also going into longer investment products. In countries such as Brazil, Canada, Germany and Switzerland, the inflow amounted to $20 million. “This suggests that investors are adding long positions at current prices,” according to the report.
As a standout this week, short-term bitcoin investment products saw a record $51 million influx. This is probably due to their first being available in the United States. Meanwhile, bitcoin, which typically accounts for the lion’s share of inflows for any given week, had a negligible $600,000 in inflows.
The record amount of outflows from the week before was mainly due to bitcoin-based products, with net outflows for the week at $453 million. This wiped out almost all inflows year-on-year and left total bitcoin AUM at $24.5 billion, the lowest point since early 2021. Last week’s report also found that outflows were responsible for Bitcoin’s drop to $17,760. Notably, Ethereum finally made a breakthrough, reaching $11 million in inflows after an 11-week outflow.
Ethereum-based products also continued that positive streak last week, with a total inflow of $5 million in the second week. However, year-over-year outflows remain at a staggering $433 million. Additional inflows from a range of other altcoins suggest that investors are beginning to diversify again. Solana, Polkadot and Cardano each saw inflows of $1 million, $700,000 and $600,000 respectively.
Least affected by the recent negative sentiment, multi-asset (multi-crypto) investment products saw a total inflow of $4.4 million. Remarkably, these products experienced slight outflows over the course of only two weeks so far this year.