Digital Asset Funds Record $176 Million Inflows as Market Rebounds: Here’s More
The digital asset market continues to notch multiple wins in recent months as it recovers losses recorded in previous months with multiple assets soaring...
- The digital asset market is recovering from previous losses and reaching yearly all-time highs.
- The CoinShares Weekly Asset Flow report shows a significant increase in investor sentiments, signaling a growing market.
- Digital asset funds recorded a total of $176 million in inflows last week, extending their eighth consecutive week of inflows.
- The market surge is attributed to the anticipation of a Bitcoin spot ETF approval by the United States Securities and Exchange Commission.
- BTC dominated last week's numbers with $155 million in inflows, while short bitcoin saw outflows of $8.5 million.
- Ethereum and Avalanche also experienced inflows of $3.3 million and $1.8 million respectively.
- Solana remained the favorite altcoin among institutional investors, recording inflows of $13.6 million.
- Europe is leading in terms of uniform cryptocurrency rules, with Germany and Switzerland seeing significant inflows.
- Canada led weekly inflows with $97.7 million, while the United States saw outflows of $19 million.
- ETP shares have surged, averaging 11% higher than during the 2021 bull market.
The sentiment in the article is generally positive, highlighting the recovery and growth of the digital asset market, as well as the anticipation of a Bitcoin spot ETF approval.