Bitcoin sees $140M inflows as crypto investment products hit $2.3B weekly

Inflows into digital asset investment products totaled $137 million for the fourth consecutive week. report By CoinShares.

Last month’s total inflow of $742 million is the largest continuous inflow since the second half of 2021.

This comes after a long period of outflows (totaling more than $400 million) from mid-April to mid-June 2023. This reversal coincides with renewed optimism from rising Bitcoin prices and several spot Bitcoin ETF filings in the US in June.

CoinShares reports that investment product trading volume is still above the $1.4 billion weekly average in 2022, reaching $2.3 billion last week. Investment products currently account for a higher-than-usual share of total crypto-asset volume, averaging only 2% compared to 11% of volume last week.

Investment inflows were concentrated almost entirely in North America, with $109 million and $28 million inflows in the United States and Canada, respectively. Europe saw little outflow overall, with the exception of a small inflow in Switzerland.

Bitcoin accounted for the majority of inflows, accounting for $140 million, or 99% of total inflows. This continues Bitcoin’s dominance in recent weeks, attracting 94-98% of its inflows last month. Meanwhile, bitcoin short-selling products continue to outflow, with a total outflow of $3.2 million for 12 consecutive weeks. Due to recent price increases and sustained outflows, assets under management for short bitcoin products plummeted from an April peak of $198 million to just $55 million.

Despite the recent price rally, Ethereum has seen no associated capital inflows. With $2 million in outflows last week, it remains the overall asset with the most outflows so far this year. Among the altcoins, Solana saw a modest inflow of $500,000, Polygon with $500,000, and Litecoin with $300,000. This comes after a brief surge in altcoin products in mid-June, but it appears that this was only temporary.

The data shows that institutional and accredited investors are steadily returning to Bitcoin investment vehicles. But outside of a few majors like Ethereum, interest in altcoins remains relatively low. The crypto investment landscape continues to favor Bitcoin over competing digital assets.

The article that crypto investment products hit $2.3 billion every week and Bitcoin is expected to bring in $140 million in inflows was first published on CryptoSlate.