After six consecutive weeks of outflows, digital asset investment products finally saw a reversal in fortunes with inflows totalling $160 million, according to CoinShares.
July 2022 saw the largest inflow figure, following outflows since the beginning of February totalling $408 million. Bitcoin benefitted the most from the turnaround, with inflows of $128 million.
- The Digital Asset Fund Flows Weekly Report states, “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.”
- Short-bitcoin inflows remained consistent at $31 million, despite growing bullish sentiment.
- Ethereum suffered outflows of $5.2 million for the third consecutive week. Analysts believe that this could be due to “investor jitters around the Shanghai upgrade,” which is slated for April 12th.
- 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, indicating a broad improvement in sentiment. The US saw the most notable growth, with inflows hitting $69 million. Germany followed with $58 million and Canada with $26 million.
