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A bullish sentiment has taken over the crypto market as institutional money is going into digital assets which are more focused on leading cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL).
As per the CoinShares’ Digital Asset Fund Flows report released Monday, the digital asset space last week saw the biggest inflow of capital since November 2021, bringing the cumulative month-to-date inflows to $394 million. Additionally, the total assets under management (AUM) rose to the early June levels of around $30 billion.
While the crypto market has been struggling to find its way amidst a bearish phase, there seems to be an increased interest in digital asset investment products.
CoinShares’ report also sorted the investment regionally where Switzerland stood out.
“Regionally, the majority of inflows were from Switzerland totaling US$16m with the prior week seeing inflows totaling US$356m, while year-to-date inflows sit at US$577m, leaving it the favored region for digital asset investors. Minor inflows were seen in both the US and Germany last week, totalling US$9m and US$5m respectively,” the report said.
Moreover, the leading cryptocurrency in the space, BTC, saw a weekly inflow of $16 million over the past week while witnessing an inflow of $206 million the week before that, marking the largest inflow in Bitcoin since May.
ETH witnessed an inflow of $8 million over the past week while $120 million in the week before that, marking the biggest single-week inflow since June 2021. The report added that this influx confirms “a turning point in sentiment after a recent 11-week run of outflows. It also suggests that as The Merge progresses to completion, investor confidence is slowly recovering.”
On the other hand, the investment products related to Cardano and Solana saw an influx of $1.4 million and $1.8 million over the past week. The data of the week prior to it was not mentioned in the report.
Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021.
Photo: Reuters / FLORENCE LO
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