- Despite concerns about traditional finance, investors have invested $160M in crypto investment products.
- Bitcoin had the largest inflows, $128 Million. This was after a six-week period of outflows.
- Manager of digital assets, CoinShares also said that Solana and Polygon recorded inflows.
Last week’s inflows into digital investment products reached $160 million. The latest market report by digital assets manager CoinShares shows that the largest portion of these inflows was into Bitcoin.
CoinShares’ Digital Asset Fund Flows Weekly Report published Monday 27 March highlighted the fact that crypto investment products have ended a six week streak of outflows.
The largest inflows to digital asset investment products since July 2022 were recorded
James Buttefill from CoinShares Head Research stated that crypto investment products saw outflows of $408 millions over the past six week.
Institutional investors put the greatest amount of money into crypto-related investments last week. The sector registered its largest weekly flow in eight months. The crypto investment space saw more institutional flows in July 2022.
After Bitcoin reached near $29,000 highs, the inflows came a long time later. Ethereum and other altcoins have also seen significant upsides. BTC lost some gains, and is currently below $28k.
Butterfill notes that inflows came “relatively late” compared to the rest of the crypto market, noting this is likely a reaction by investors to the recent chaos within the traditional financial markets.
Bitcoin received $128 Million in inflows. Ethereum however saw $128M in outflows for the third week.
Bitcoin received the largest inflows, with $128million being invested into BTC investment products last week. CoinShares clients felt that BTC was a safe haven and expressed their support for it. Bitcoin continued to attract negative sentiment with short-bitcoin flows reaching $31 million last Wednesday.
Ethereum saw outflows for the third week in a row, with $5.2 Million exiting Ether investment products. CoinShares believes there are jitters around Ethereum’s highly anticipated network upgrade Shanghai, which is expected around 12 April.
The top three altcoins that saw the most inflows were Solana ($4.8m), Polygon ($1.9m) and XRP (1.2 million).