Investors Pump Money Into Crypto Funds Amid Pickup in Market Sentiment
Digital asset investment products saw a total of $117 million in inflows last week, the largest in six months, according to data from CoinShares.
Investors pumped money mainly into bitcoin-related funds, which accounted for $116 million worth of the $117 million in inflows. This comes as the world’s largest cryptocurrency has been on an upward trajectory since the start of the year, gaining 40%.
As market sentiment has improved, digital investment product volumes are benefitting. These volumes reached $1.3 billion traded last week, up 17% compared to the year-to-date average.
Short-bitcoin products saw inflows of $4.4 million, which suggests opinion does remain polarized, according to CoinShares.
Multi-asset investment products saw outflows for the ninth consecutive week, worth $6.4 million. “This suggests investors are preferring select investments. This was evident in alts such as Solana, Cardano and Polygon while Bitcoin Cash, Stellar and Uniswap all saw minor outflows,” said the report.