Digital asset investment products saw inflows last week, totaling $21 million for the first time in 6 weeks.
Interestingly, earlier in the week, it looked like the outflows would continue, but the tide turned towards the end of the week, especially on Friday. CoinShares said the shift can be attributed to several reasons, including positive price momentum, concerns about US government debt prices, and the recent quagmire surrounding government finances.
- In the latest edition of the “Digital Asset Fund Flows Weekly Report”, CoinShares open Bitcoin saw the majority of the inflows, which totaled $20 million last week.
- In contrast, Bitcoin short positions continued to experience outflows, with $1.5 million exiting last week. These outflows have accumulated to a total of $85 million since April.
- The altcoin market remained relatively quiet, but Solana continued to stand out with $5 million in inflows, marking its 27th week of positive activity, while recording only four weeks of outflows this year. This performance makes Solana the “most popular altcoin” of the year.
- On the other hand, Ethereum saw outflows for the seventh consecutive week, totaling $1.5 million, cementing its position as the “least popular altcoin.”
- Regional sentiment variance remained largely unchanged from the previous week.
- In its latest report, the asset manager explained that the ongoing trend of regional divergence continues, as the United States saw outflows totaling $19 million last week, while Europe and Canada saw inflows of $23 million and $17 million, respectively.
- Even with the recent price increase, trading volumes remain seasonally low in both the investment products market and the broader cryptocurrency market.
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