According to the asset management company CoinShares, cryptocurrency products witnessed inflows of $1.35 billion during the previous week, increasing the total amount of inflows over the previous three weeks to $3.2 billion.
A Breakdown of the Inflows & Outflows
Bitcoin was the most popular cryptocurrency, with inflows totaling $1.27 billion, while short Bitcoin products experienced outflows of $1.9 million.
Inflows of $45 million were received by Ethereum, making it the altcoin with the highest amount of inflows so far. Last week, Solana received $9.6 million in new investments, bringing the total amount of money it has received so far this year to $71 million. It is important to note that Litecoin, which also experienced inflows of $2.2 million, is also included.
Additionally, cryptocurrency funds that are indexed to digital asset baskets had weekly inflows of $16.7 million, which indicates that investors have a desire to diversify their holdings.
BlackRock’s IBIT and Fidelity’s FBTC dominated the flows. Both have Bitcoin ETFs which saw about $1 billion in inflows last week.
However, short-bitcoin exchange-traded funds (ETPs) had withdrawals of $1.9 million. Since March, short Bitcoin exchange-traded products (ETP) have experienced withdrawals totaling $44 million.
This pattern, according to James Butterfill, head of research at CoinShares, is indicative of the persistently bullish feeling among investors ever since Bitcoin’s halving event was completed in April.
With everything going and an inflow of over $3.2 billion, investors see this as a fantastic opportunity to buy top-performing coins.
