Crypto Asset Inflows Continue on a Hot Streak Despite Fall in Bitcoin Prices

Source : beincrypto.com

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In the fourteenth consecutive week of crypto inflows, investments in digital asset-based products amounted to $154 million.

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This figure puts it roughly on par with last week, despite bitcoin continuing to struggle, falling 12% since then. However, bitcoin-based products continued to see a majority of the inflows, which amounted to $114 million. This sustained demand over the last month has helped to keep an assets under management (AuM) share of 67% among investment products, in spite of Bitcoin falling 4% during that period. 

Meanwhile, during that same time, Ethereum rose 14%. According to the report, “this disparity may be due to the recently launched ETFs in the US where investment products saw 90% of inflows.” Ethereum-based products saw inflows amounting to $14 million, which also marks the fourth consecutive week of inflows totaling $80 million. 

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Regarding other altcoins, Solana and Cardano have demonstrated sustained popularity over the past month with net inflows of $27.5 million and $19.3 million respectively. But while Solana-based products continued to perform well last week with $8.5 million of inflows, Cardano actually saw outflows of $2.1 million.

Crypto inflows pile on

Last week, CoinShares reported that weekly Bitcoin inflows from institutional investors amounted to $97.5 million during the week prior, with the whole market totaling $150.9 million. This was a record sum for Bitcoin, despite trade volume lower than the first half of 2021 so far. The second half of 2021 has so far seen an inflow of $750 million, as opposed to $960 million in the first half.

Among altcoins, Ethereum and Cardano had seen the biggest inflows with $17.3 million and $16.4 million, respectively, while Solana and Polkadot followed with $9.8 million and $5.2 million. However, the most popular investment product was ProShares Bitcoin Strategy ETF, which has continued to perform exceptionally since its launch. 

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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