Bitcoin led the way, with digital asset investment products seeing inflows for a fourth straight week last week, according to data from Coinshares.
The world’s largest cryptocurrency by market capitalization has seen inflows of $104 million, accounting for the bulk of the $114 million total. Bitcoin is up about 80% so far this year, despite falling below $30,000 recently. The total inflow into Bitcoin over the past 4 weeks was $310 million.
“We see this as a risk-off move as investors worry about ongoing traditional financial challenges. However, market sentiment remains divided, with $14.6 million inflows from Bitcoin shorts last week.”
When Ethereum completed the Shapella upgrade, the funds flowing into ETH only reached $300,000. CoinShares also noted that aside from an outflow of $2.1 million from Polygon, there was little activity in the altcoin.
Inflows over the past four weeks totaled $345 million, almost completely reversing outflows in the previous six weeks, resulting in $408 million evaporating from the sector.
- Crypto Funds See 6th Straight Week of Outflows
- Net inflows of digital assets reached $57 million
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