Bitcoin Dominates as Crypto Products Record Largest Consecutive Inflows Since 2021
According to the report, crypto-backed investment funds overall saw $137 million of inflows for the week, with 99% going into funds backed by Bitcoin.
Four consecutive weeks of inflows
The week marked the fourth consecutive week of inflows into crypto funds, CoinShares said.
In total for the four weeks, $742 million have now entered crypto-backed investment funds on a net basis, representing the “largest run of inflows since the final quarter of 2021.”
Bitcoin shines again
Notably, the number one cryptocurrency by market capitalization – Bitcoin – saw by far the largest inflows, with $139.8 entering Bitcoin funds.
At the same time, the largest outflows were seen from short-Bitcoin funds, in other words funds that rise in value as the price of BTC falls.
According to the data, short-Bitcoin funds saw $3.2 million in outflows for the week, further reinforcing the bullish sentiment towards BTC among investors.
The only other fund category to see outflows last week was Ethereum (ETH) funds, which lost $1.6 million on a net basis.
Small changes for altcoins
Moving over to the various altcoin funds, the one thing that stands out from the report is how small the changes are.
Besides ETH, which saw somewhat meaningful outflows, all other altcoin funds recorded slight inflows of between $100k and $600k.
As has often been the case, the largest inflows went to funds backed by a basket of cryptocurrencies, so-called multi-asset funds, with $600k added.
Lastly, funds backed by Ripple’s XRP token had only $100k added to them, despite the positive news for Ripple that came from a court ruling on Thursday last week.