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Crypto Investments Report Positive Flows for Fourth Consecutive Week: CoinShares
Bitcoin-related products took the majority share, totalling $104 million of the $114 million inflow total.
Updated May 9, 2023, 4:12 a.m. Published Apr 17, 2023, 4:20 p.m.
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The amount invested in cryptocurrency investment products has climbed for a fourth straight week as rising prices continue to boost sentiment.
Digital asset investment products saw net inflows totaling $114 million last week, according to data from CoinShares, with bitcoin-related products receiving the overwhelming majority of that new money at $104 million. Bitcoin began the week by crossing $30,000 for the first time since June 2022.
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The four-week run of inflows now totals $345 million, said CoinShares.
CoinShares called the focus on bitcoin-related products “a flight to safety by investors fearful of the ongoing traditional finance challenges.”
Ether-related products had only $300,000 of net inflows last week, even as the successful completion of the Shanghai upgrade led to a surge in that crypto’s price to above $2,000 for the first time since August 2022.
Blockchain-related equities garnered a net $5.8 million in inflows last week, according to the report, pushing total assets under management to $1.9 billion, the highest since October 2022 - prior to the collapse of crypto exchange FTX.
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