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Digital Asset Funds Flip Positive for First Time in 4 Weeks: CoinShares
CoinShares attributes the inflows to recent price weakness prompted by defunct crypto exchange Mt. Gox initiating preparing to initiate repayments to creditors.
- Bitcoin accounted for $398 million of the $441 million of inflows, and CoinShares noted it is unusual for BTC to represent only 90% of the total.
- Investment products last registered net inflows in the week ended June 7, when investors added more $2 billion.
Digital asset investment products saw $441 million of net inflows last week, breaking a three-week string of net outflows, according to CoinShares.
The products last registered net inflows in the week ended June 7, when investors added more than $2 billion.
STORY CONTINUES BELOW
Bitcoin BTC$92,916 accounted for $398 million of inflows. CoinShares noted it is unusual for BTC to represent only 90% of the total. Solana stood out among altcoins, with SOL-linked products registering $16 million.
CoinShares attributed the flows to recent price weakness prompted by defunct crypto exchange Mt. Gox preparing to initiate repayments to creditors and the German government's law-enforcement agency moving large amounts of bitcoin to exchanges.
Investors likely saw this as a buying opportunity, CoinShares said. However, the sentiment was not reflected in blockchain equities, which saw $8 million in outflows to take their year-to-date total to $556 million.
Read More: Bitcoin ETF Investors Bought the Dip on Friday, With Inflows Topping $140M
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
