Crypto investment products saw inflows totaling $598 million last week. This marks the fourth straight week of positive flows, according to the latest report from CoinShares.
So far, year-to-date, crypto fund inflows have exceeded $5.7 billion, representing 55% of the record 2021 intake. Earlier this week, assets under management hit $68.3 billion, the highest level since December 2021.
Key Details:
- Weekly inflows of $598 million into crypto investment funds.
- Fourth consecutive week of net inflows.
- Year-to-date inflows are now over $5.7 billion.
- Assets under management peaked at $68.3 billion this week.
With $610 million entering funds last week, the United States continued to lead inflows. Grayscale, which saw additional outflows of $436 million, had a significant impact.
Read more: MicroStrategy Buys 3,000 Bitcoin (BTC) For $155 Million
Brazil saw minor inflows of $8.2 million, while Switzerland contributed $2.1 million. On the flip side, Canada and Sweden both registered outflows totaling $18 million and $8 million, respectively.
Bitcoin retains dominance with $570 million inflows
Bitcoin retained its dominance, with $570 million flowing into BTC funds. Short bitcoin positions saw slight inflows of $3.9 million amidst recent price gains.
Ethereum gathered $17 million in fresh investment, followed by $1.8 million into Chainlink and $1.1 million for XRP. A spate of network outages took its toll on Solana, which posted $3 million in outflows.
Meanwhile, blockchain equities funds continued to lose capital, with $81 million exiting last week, underscoring caution among stock pickers.
Read more: $56.5M Withdrawn From BitForex Crypto Exchange; Users Blocked
Additional Insights:
- Grayscale outflows could signal a diminishing institutional appetite.
- Peak AUM is still below the November 2021 record high of $87B.
- Bitcoin retains the pole position with $5.6B in 2023 inflows so far.
For now, the flow cycle remains healthy, with asset managers continuing to build digital currency positions. Bitcoin’s dominance also shows it remains the crypto asset of choice for investments despite growing competition.