Crypto Assets Attract $160M Inflows
After six consecutive weeks of outflows, digital asset investment products finally broke the bearish streak in a reversal that fetched inflows totaling $160 million, according to CoinShares.
This is the largest inflow figure since July 2022.
The latest edition of Digital Asset Fund Flows Weekly Report revealed that these investment products have been recording outflows since the beginning of February, hitting $408 million in total. But Bitcoin benefitted the most from the much-needed turnaround.
Some market players even touted Bitcoin to be a “safe haven” for the first time as the flagship crypto saw inflows of $128 million.
The report stated:
“While the inflows came relatively late compared to the broader crypto market, we believe it is due to increasing fears amongst investors for stability in the traditional finance sector.”
Despite the growing bullish sentiment, short-bitcoin inflows remained consistent at $31 million.
Ethereum, on the other hand, suffered outflows of $5.2 million last week for the third consecutive week.
The analysts believe that this could be due to “investor jitters around the Shanghai upgrade,” which is slated for April 12th, to be the most likely reason.
Altcoins appear to be following Bitcoin’s trajectory in terms of inflows. Solana saw $4.8 million in inflows, followed by Polygon with $1.9 million and XRP with $1.2 million.
Inflows were tracked from many countries as well, depicting a broad improvement in sentiment in the asset class. The US saw the most notable growth, with inflows hitting $69 million. Trailing behind was Germany with $58 million and Canada with $26 million.
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