Crypto Investments Report Positive Flows for Fourth Consecutive Week: CoinShares
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Featured SpeakerAlex Thorn
Head of Firmwide ResearchGalaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
The amount invested in cryptocurrency investment products has climbed for a fourth straight week as rising prices continue to boost sentiment.
Digital asset investment products saw net inflows totaling $114 million last week, according to data from CoinShares, with bitcoin-related products receiving the overwhelming majority of that new money at $104 million. Bitcoin began the week by crossing $30,000 for the first time since June 2022.
The four-week run of inflows now totals $345 million, said CoinShares.
CoinShares called the focus on bitcoin-related products “a flight to safety by investors fearful of the ongoing traditional finance challenges.”
Ether-related products had only $300,000 of net inflows last week, even as the successful completion of the Shanghai upgrade led to a surge in that crypto’s price to above $2,000 for the first time since August 2022.
Blockchain-related equities garnered a net $5.8 million in inflows last week, according to the report, pushing total assets under management to $1.9 billion, the highest since October 2022 – prior to the collapse of crypto exchange FTX.
Edited by Stephen Alpher.
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
