CoinShares: Largest inflow to Bitcoin (BTC) since November 2021
Inflows into digital asset investment products totaled $30 million last week. In contrast to the previous week, inflows reached as much as $343 million, according to a new report from CoinShares.
According to the CoinShares report, last week’s $343 million in inflow was the largest single week inflow since November 2021.
According to CoinShares, $30 million was reported as inflows into digital asset investment products last week. This brings total inflows since the beginning of the month to $394 million. Meanwhile, total assets under management (AuM) are back to their early June 2022 value of $30 billion.
Bitcoin and altcoins
Bitcoin recorded inflows totaling $19 million last week. In contrast, last week’s inflow was as high as $206 million. This represented the largest single week of inflows since May 2022 for the largest cryptocurrency.
In addition, the report noted that last week’s results produced monthly inflows of $221.5 million. Meanwhile, year-to-date totals totaled $241.3 million.
It is worth noting that year-to-date supply for Bitcoin represents 58% of total year-to-date supply for all assets. The latter reached $415 million, according to data from CoinShares.
Last week, the Short-Bitcoin product recorded an inflow of $0.6 million. However, the asset’s assets under management fell 9% from its July 13 peak of $145 million to $133 million. This happened due to positive price action for Bitcoin.
As for Ethereum, on the other hand, CoinShares said that the total inflow last week was $8.1 million. The largest altcoin recorded $120 million in inflows last week.
According to the report, this represented the largest single week of inflows since June 2021 and “suggested a turning point in sentiment after a recent 11-week streak of outflows.” CoinShares said that with the upcoming Merge update, investor interest in Ethereum is gradually returning.
The altcoin’s performance last week put its total monthly supply at $137 million. This represented a 35% share of the total $393.5 million recorded in this month’s inflows for all assets analyzed in the report.
CoinShares: Swiss love cryptocurrencies
The CoinShares report shows that most of the inflows in the period under review came from Switzerland.
Last week, $16 million of the total $30 million recorded as inflows of digital asset investment products came from Switzerland. Last week, the supply from Switzerland amounted to 356 million dollars.
With inflows totaling $577 million since the start of this year, CoinShares said Switzerland remains “a preferred region for digital asset investors.” The US and Germany lagged behind with small inflows of $9 million and $5 million respectively.
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