Bitcoin (BTC) and Ethereum (ETH), the two largest assets, witnessed $53 million in positive capital flows last week, as crypto investment products saw the largest inflow since July.
Notably, the broader crypto market witnessed a whopping $78 million inflow last week, according to data from crypto investment firm CoinShares in its latest weekly report on digital assets fund flows. This value represents the most significant inflow in 12 weeks.
Data from the report suggests that this marked the second consecutive week of inflows after crypto investment products saw $21 million in positive flows last week. Notably, last week’s flow was the first inflow observed in the market in six weeks.
This bullish turn of events represents a resurgence of favorable sentiments in the market amid the recent price recovery campaigns that saw BTC reclaim $28,000. As a result, investors have continued to pump more funds into digital asset investment funds.
“We believe the inflows are a reaction to a combination of positive price momentum, fears over US government debt prices, and the recent quagmire over government funding,” CoinShares disclosed in the previous report. This trend spilled into last week, per the latest report.
Flows by Asset and Region
As earlier highlighted, Bitcoin and Ethereum saw a combined $53 million inflow. BTC witnessed the largest inflow this week among the top crypto assets, with $42.7 million. ETH, on the other hand, came third, recording $10.2 million in inflows.
Solana (SOL) performed remarkably well last week, securing the second-largest capital inflows at $23.9 million. This was Solana’s largest inflow since March 2022. Cardano (ADA) saw a meager $200K influx. Meanwhile, data for assets such as XRP, TRON (TRX), and Litecoin (LTC), was unavailable in the report.
CoinShares’ report further highlights trends observed across different regions. Notably, Europe saw 90% of the inflows recorded last week. Germany saw the most significant influx for any country, amounting to $37.3 million, while Switzerland followed closely with $31.3 million.
Despite North America observing positive flows, the region witnessed a milder inflow rate. Canada saw a $6.2 million inflow, much greater than the United States, which caught the lowest influx rate at $2.8 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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