Last week saw a large increase in inflows to digital asset investment products, with $470 million invested in different crypto products over the past three weeks. According to Coin Asset Management, this has corrected the outflows of the previous nine weeks and the year-to-date flows are now at a net positive of $231 million.
Bitcoin products saw the largest inflows of $133 million, compared to Ethereum’s $2.9 million. This is the third consecutive week of increased inflows and indicates that investors are predominantly focused on Bitcoin in comparison to other altcoins such as XRP, Solana, Polygon, Litecoin and Aave.
The sentiment on the crypto market as a whole has turned bullish, with spot prices rising for most cryptocurrencies. This is likely due to the filing of BlackRock’s ETF proposals, which has driven the bulls to new YTD heights.
At the same time, the total volume of investment products was $1 billion last week, down from the average of $2.5 billion in the two preceding weeks. This reduction is thought to be seasonal, with low volumes typically observed between July and August.
