Bitcoin’s bullish trend continues, with digital asset management product inflows totaling $114 million last week, according to data from a CoinShares report. The broader asset class has seen four weeks of inflows in a row, totaling $345 million, fully correcting the previous six-week run of outflows that amounted to $408 million.
Bitcoin Takes the Lead
Investor focus remained on Bitcoin, with inflows reaching $104 million, possibly due to a “flight to safety” by investors concerned about traditional finance. Despite this, short bitcoin also saw significant inflows of $14.6 million last week, indicating varied opinions among investors.
In contrast, altcoins were less active, with Ethereum’s successful Shapella upgrade only resulting in inflows of $0.3 million. Similarly, Litecoin had inflows of just $0.2 million, while ADA and XRP had inflows of $0.1 million each. Meanwhile, Solana and Polygon had weekly outflows of $2.1 million each.
Blockchain equities, on the other hand, saw significant inflows, with the latest data noting an increase to $5.8 million, the highest since October 2022.
US Regulatory Environment
US regulatory agencies such as the Securities and Exchange Commission and Treasury have targeted decentralized finance. Regardless, digital asset investment product inflows were seen across most geographies, with the US leading with $58 million in the past week, followed by Germany with $35.4 million, Canada with $17.2 million, and Switzerland with $6.6 million. ProShares had the most significant inflow of $57.3 million, followed by CoinShares Physical with $11.3 million and 3iQ with $10.4 million.
