- Bitcoin inflows last week totaled $14 million
- Short ETH investment products also saw inflows of $14 million
Total inflows on digital asset investment products reached $44 million last week. This number represents the largest weekly streams in 15 weeks, currency shares Found in a recently published report.
Last week’s inflows represented a 5% growth from the $42 million recorded in the previous week.
With inflows of $44 million recorded last week, total inflows into digital asset investment products on a monthly basis were $67.7 million. And data from CoinShares showed that on a year-to-date basis, that was $558 million.
Bitcoin and short investment products
As the general cryptocurrency market attempts to recover from the crash of cryptocurrency exchange FTX, CoinShares felt that the highest 15-week inflows for this asset class represented “very mixed sentiment among investors.”
Interest in investing in digital assets has rekindled after the collapse of FTX and its sister company, Alameda Research, last week. This was due to the leading bitcoin inflows [BTC] amounted to $14 million. Recorded year-to-date inflows on the King coin have resulted in $331 million. This represents an increase of 5% over the year-to-date index of $317 million recorded in the previous week.
One of the kings, however, Bitcoin year-to-date inflows, represents 59% of the $492 million total year-to-date inflows recorded by all the assets CoinShares considers in the report.
In terms of short investment products, Coinhares found that inflows into this asset class accounted for 75% of all inflows last week. CoinShares further saw this as indicating that negative sentiment continued to follow the market, “likely a direct result of the ongoing fallout from the FTX crash.”
This caused total assets under management (AuM) to drop to a two-year low of $22 billion, the report said.
What about alt currencies?
for Ethereum [ETH], the main alternative recorded minor inflows of $0.08m, bringing its inflows so far for the month to $5.1m. However, this represents only 8% of the total inflows recorded in investments so far this month.
On the other hand, investment products Short-Ethereum saw the largest inflows with $14 million. share per coin:
“This negative sentiment is likely a result of the renewed uncertainty surrounding the Shanghai upgrade, which will allow up to $280 million in stock and FTX ETH assets to be withdrawn from the hack.”
Other coins like Solana [SOL]ripple [XRP]and polygon [MATIC] Recorded outflows totaled $6 million last week.