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Bitcoin-linked investment funds saw $116 million inflows last week as the flagship cryptocurrency remains profitable and strong so far this year.
according to monday report Digital asset investment products registered $117 million in inflows last week, with Bitcoin accounting for $116 million, according to digital investment firm CoinShares. This is the largest influx of digital assets since July 2022, the report notes.
The success of major cryptocurrencies in sustaining recent gains has resulted in strong inflows into investment funds tied to Bitcoin. Bitcoin is up more than 42% year-to-date and is up 39% over the past 30 days. The coin is currently trading above $23,000, the level last seen in mid-August 2022.
CoinShares, meanwhile, revealed that the cumulative assets under management (AuM) of cryptocurrency funds reached $28 billion, up 43% from its November 2022 low. The report added:
“Investment product volumes have improved, with weekly trading volume of $1.3 billion, a 17% increase compared to the YTD average, while the broader digital asset market has average weekly volumes of An 11% increase.Investment products remain at 1.4% of the total volume of trusted exchanges.”
Meanwhile, multi-asset investments saw their ninth straight week of outflows of $6.4 million. This shows that investors prefer selective investments. “This was evident in altcoins, with Solana, Cardano and Polygon all seeing inflows, while Bitcoin Cash, Stellar and Uniswap all saw smaller outflows,” the report said.
Geographically, Germany recorded the largest inflow, accounting for 40% of all inflows or $46 million. This was followed by Canada, the United States, and Switzerland, which saw inflows of $30 million, $26 million, and $23 million, respectively.
Fund flow is a good indicator of how institutional investors are moving their money. In general, it is safe to assume that strong inflows can lead to more inflows, pushing prices higher.
According to a CoinShares report earlier this month, digital asset inflows hit $433 million last year, the lowest level since 2018. According to the report, Bitcoin and multi-asset investment products showed the strongest demand, recording $287 million and he recorded inflows of $209 million, respectively. .
2023 has been a strong year in terms of adoption of Bitcoin and the broader crypto market. announced a bill to allow Bitcoin and other cryptocurrencies to be accepted as payment methods for .