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Investors Pump Money Into Crypto Funds Amid Pickup in Market Sentiment
Bitcoin dominated this week's inflows, accounting for almost all of the $117 million coming in.
Digital-asset investment products saw $117 million in inflows last week, the largest amount in six months, according to data from CoinShares.
Investors pumped money mainly into bitcoin (BTC)-related funds, which accounted for $116 million worth of the inflows. This comes as the world’s largest cryptocurrency has been on an upward trajectory since the start of the year, gaining 40%.
STORY CONTINUES BELOW
As market sentiment has improved, digital investment product volume has increased, reaching $1.3 billion traded last week, up 17% compared with 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, with outflows of $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,” the report read.
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
