Bitcoin funds draw fifth-largest weekly inflow -

Bitcoin funds draw fifth-largest weekly inflow

Jul 15, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Digital asset investment products saw $1.44bn inflows, pushing YTD total to $17.8bn.
Bitcoin led with $1.35bn inflows, marking the 5th largest weekly inflow on record.

Digital asset investment products saw $1.44 billion in inflows last week, pushing year-to-date (YTD) inflows to a record $17.8 billion, surpassing the 2021 total of $10.6 billion. Bitcoin (BTC) led with $1.35 billion in inflows, marking the 5th largest weekly inflow on record.Additionally, the funds indexed to short Bitcoin positions saw outflows of nearly $9 million, signaling a positive sentiment by investors last week.Ethereum (ETH) attracted $72 million in deposits, its largest inflow since March, likely due to anticipation of a US spot-based exchange-traded fund (ETF) approval. Notably, the inflows made ETH’s YTD netflows positive again, amounting to $57 million.Moreover, the multi-asset funds registered $17.2 million in inflows, the second-largest weekly amount for altcoin-indexed funds. This could sign an appetite for diversification by investors.

Other altcoins saw modest inflows, with Solana at $4.4 million, Avalanche at $2 million, and Chainlink at $1.3 million.

Image: CoinShares

Regionally, the US dominated regional inflows with $1.3 billion, followed by Switzerland, Hong Kong, and Canada with $58 million, $55 million, and $24 million respectively. Switzerland’s inflow marked a record for the year.Despite the significant inflows, trading volumes remained low at $8.9bn for the week, compared to the year’s average of $21 billion.