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Cryptocurrency Investment Funds Attract $1.35 Billion in Inflows, Assets Under Management Reach $97 Billion
Cryptocurrency investment funds have seen inflows of $1.35 billion over the past seven days, bringing the past 21-day figure to $3.2 billion. Most sectors have gained ground over the same period as sentiment continued to soar following a reversal in macroeconomic factors. Investors are eyeing sustained inflows as the market prepares for the spot listing of Ethereum ETFs.
Cryptocurrency investment funds see increases
Digital asset products have seen strong inflows as market sentiment builds. CoinShares A report shows a $1.35 billion surge in cryptocurrency investment funds. This figure brings the three-week consecutive gains to $3.2 billion. Market leader Bitcoin (BTC) recorded $1.27 billion in the last seven days, while Bitcoin shorts recorded $1.9 million in outflows, bringing the total to $44 million since March. In a nutshell, this indicates an improvement in sentiment since the asset’s halving.
However, blockchain stocks have seen outflows, unlike tokens which posted figures of $8.5 million last week. Despite this, trading volumes have increased by 45% compared to the previous week, showing strong market activity while the cryptocurrency market recorded a 22% drop in volumes.
Geographically, the United States led the movement after attracting $1.3 billion, while Canada saw its investments reach $7.8 million.Regionally, the picture is more mixed compared to last week, with the United States and Switzerland recording significant inflows of $1.3 billion and $66 million respectively, while Brazil and Hong Kong recorded minor outflows totaling $5.2 million and $1.9 million respectively.
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Altcoin Products Rebound
The surge in crypto investment funds has extended beyond Bitcoin to altcoins, with the digital asset seeing positive swings. Ethereum (ETH) saw inflows of $45.3 million, bringing monthly figures to $128 million. This comes on the heels of increased optimism for the spot market Ethereum ETF in the USA.
Multi-assets recorded $16.7 million in inflows while Solana (SOL) and Ripple (XRP) gained $9.6 million and $0.5 million, respectively. These inflows pushed crypto investment funds’ AUM to $97.6 billion, with bulls indicating an uphill climb. This year, crypto products surged after the approval of Bitcoin spot ETFs that marked a new institutional inflow into the digital asset sector. The turnaround in market sentiments also led to higher DeFi numbers.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial losses.