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16/07/24
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BTC Saw Fifth Largest Weekly Inflows in History Last Week
On July 15, CoinShares revealed that digital asset investment products recorded an aggregate inflow of $1.44 billion last week as investors used the opportunity of price weakness to buy more assets.
They have recorded total inflows of $17.8 billion since the beginning of this year, surpassing inflows of $10.6 billion seen throughout 2021. “Volumes remained low though at US$8.9bn for the week, compared to the 7 day average this year of US$21bn,” reads the report.
CoinShares believes that the price weakness was due to the German Government selling BTC as well as “a turnaround in sentiment due to lower than expect CPI in the US prompted investor to add to positions.”
Almost all crypto assets recorded inflows with Bitcoin seeing the $1.347 billion, representing the fifth largest weekly inflow in history. Ethereum was the best-performing altcoin in terms of flows, recording an inflow of $72.1 million, representing the largest inflows in four months and “likely in anticipation of the imminent approval of the spot-based ETF in the US.”
This was followed by Solana, Avalanche and Chainlink with inflows of $4.4 million, $2 million, and $1.3 million, respectively. Litecoin, XRP and Cardano saw inflows of $1.2 million, $1 million, and $700k respectively. Investors poured funds into multi-coin investment products, leading to an inflow of $17.2 million. Conversely, Short-Bitcoin recorded the largest weekly outflows in three months at $8.6 million.
In terms of region, the United States recorded the highest amount of inflow at $1.274 billion, followed by Switzerland, Hong Kong, Canada, Germany, Australia, and Sweden at $57.5 million, $54.6 million, $24.2 million, $11.7 million, $5.8 million, and $1.6 million respectively. Brazil saw an inflow of $1.3 million.
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