Would You like a feature Interview?
All Interviews are 100% FREE of Charge
Investment funds backed by digital assets posted their biggest weekly inflow of the year last week, with $199 million inflows into the sector.
CoinShares, a cryptocurrency investment and research firm, said in its latest cash flow that inflows were the largest since July 2022 and accounted for nearly half of the nine consecutive weeks of outflows. report.
The massive inflows seen this week mark a major shift from last week, when net outflows into the sector totaled $5.1 million.
CoinShares reported that the surge in inflows was driven largely by Bitcoin (BTC)-backed funds, with $187 million in inflows for the week and $500,000 in net outflows the previous week. rice field.
Bitcoin flows accounted for a whopping 94% of total flows last week, showing just how dominant Bitcoin is over other crypto assets among investors in crypto-backed funds. .
Interestingly, the category that saw the biggest outflow last week was Bitcoin short funds, indicating that Bitcoin investor sentiment has improved dramatically in recent weeks.
Among altcoin-backed funds, Ethereum (ETH) funds stood out with $7.8 million inflows, while funds backed by baskets of multiple digital assets had $8.1 million inflows.
Flow by country
Interestingly, the biggest inflow this week came from Germany at $85.5 million, up from $2.4 million the previous week.
The next countries on the list were the United States and Canada, which accounted for inflows of $58.9 million and $45.3 million, respectively.
BlackRock ETF filing raises sentiment
The influx of funds began after BlackRock, the world’s largest asset manager, applied to list its spot Bitcoin exchange-traded fund (ETF) on June 15.
“We believe this renewed positive sentiment stems from recent announcements from high-profile ETP issuers that have applied for physically-backed ETFs with the U.S. Securities and Exchange Commission,” CoinShares said. commented in the report.
He added that cryptocurrency-backed funds currently have $37 billion in assets under management, the “highest since before Three Arrows Capital’s collapse.”