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Digital Asset Funds Flip Positive for First Time in 4 Weeks: CoinShares
CoinShares attributes the inflows to recent price weakness prompted by defunct crypto exchange Mt. Gox initiating preparing to initiate repayments to creditors.
Updated Jul 8, 2024, 11:05 a.m. Published Jul 8, 2024, 11:02 a.m.
- Bitcoin accounted for $398 million of the $441 million of inflows, and CoinShares noted it is unusual for BTC to represent only 90% of the total.
- Investment products last registered net inflows in the week ended June 7, when investors added more $2 billion.
Digital asset investment products saw $441 million of net inflows last week, breaking a three-week string of net outflows, according to CoinShares.
The products last registered net inflows in the week ended June 7, when investors added more than $2 billion.
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Bitcoin accounted for $398 million of inflows. CoinShares noted it is unusual for BTC to represent only 90% of the total. Solana stood out among altcoins, with SOL-linked products registering $16 million.
CoinShares attributed the flows to recent price weakness prompted by defunct crypto exchange Mt. Gox preparing to initiate repayments to creditors and the German government's law-enforcement agency moving large amounts of bitcoin to exchanges.
Investors likely saw this as a buying opportunity, CoinShares said. However, the sentiment was not reflected in blockchain equities, which saw $8 million in outflows to take their year-to-date total to $556 million.
Read More: Bitcoin ETF Investors Bought the Dip on Friday, With Inflows Topping $140M
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