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Crypto Funds See Largest Inflows Since Mid-December
After two straight weeks of outflows, $193 million flowed into crypto funds in the seven days through March 25.
Updated May 11, 2023, 5:04 p.m. Published Mar 28, 2022, 6:20 p.m.
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Fresh investment inflows into crypto funds reached their highest amount in three months last week, with European funds leading the momentum.
The jump, noted in a report Monday by CoinShares, marked a reversal of the recent trend that included two straight weeks of outflows.
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The reversal came as the price of bitcoin (BTC), the largest cryptocurrency by market cap, rose 14% last week, its biggest weekly gain since last April.
Digital asset investment products saw $193 million in inflows in the seven days through March 25, said CoinShares. Inflows were led by European funds’ $147 million in inflows, with $45 million in inflows coming from American funds.
Among fund providers, CoinShares Physical led with an inflow of $91 million, while Purpose Bitcoin ETF had $16 million in outflows.
Solana-focused funds saw their largest single week of inflows at $87 million, making that kind of fund the fifth-largest investment product among crypto funds and the largest altcoin fund not focused Ethereum.
Meanwhile, $97.8 million flowed into bitcoin -focused funds, $10.2 million went into Ethereum -focused funds, and funds focusing on multi-assets had $5.5 million in outflows, which was unusual because multi-asset funds have been relatively popular; last week was only the second week this year when they had net outflows.
Cardano-focused funds saw inflows of $1.8 million, Polkadot-focused funds saw inflows of $1.2 million, and ATOM-focused funds saw inflows of $800,000.
Investment products focusing on blockchain-related stocks remained vibrant, accumulating $23 million of inflows last week, CoinShares said.
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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
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Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.
What to know:
- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
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