Digital assets manager CoinShares says that after three weeks of outflows, digital assets finally enjoyed a week of heavy inflows from institutional investors.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that digital assets took in $29 million last week, ending a three-week run of outflows.
“Digital asset investment products saw inflows this week totaling US$29m following a three-week run of outflows. We believe the improved sentiment is due to the recent US inflation data, which was slightly below expectations, signifying that a September rate hike is less likely.”
Bitcoin (BTC) dominated the inflows, taking in the lion’s share of $27 million. This brings BTC’s year-to-date inflows to $456 million.
“Bitcoin was the primary focus, seeing US$27m inflows, which follows 3 prior weeks of outflows totaling US$144m. Short-bitcoin, following a week of very minor inflows (US$2k), resumed its run of outflows of US$2.7m last week, and unusually being the only asset to see outflows. This data suggests that sentiment for Bitcoin and the broader crypto market remains supportive despite the seasonally low volumes.”
Smart contract platform Ethereum (ETH) raked in $2.5 million in inflows. Uniswap (UNI), XRP, Solana (SOL) and Litecoin (LTC) also took in $0.7 million, $0.5 million, $0.4 million, and $0.1 million, respectively.
“XRP saw US$0.5m inflows and is now on a 16-week run of inflows, representing 12% of assets under management (AuM). XRP’s AuM has risen 127% since the beginning of the year.”
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