Crypto sees $644m inflows to break 5-week outflow streak
- Digital investment products record $644 million inflows
- This breaks a five-week streak that coincided with massive bearish sentiment
- Bitcoin investiment products saw $724 million, while Ethereum continued lower with $86 million in outflows
Crypto investments products have snapped a five-week outflow streak, with the market seeing $644 million in inflows last week.
This comes as Bitcoin breaks above $87k and most altcoins record some slight gains to start the week on a positive note.
Investor sentiment flips, breaks 5-week outflows streak
According to James Butterfill, head of research at digital asset manager CoinShares, the digital asset investment products market flipped positive last week. The analyst pointed to the $644 million in inflows as having broken a five-week negative streak.
The turnaround follows a tough stretch for digital asset investment products, which endured $6.4 billion in outflows over the past five weeks.
As CoinJournal highlighted, the negative flows marked the worst run on record, with 17 straight days of downside. Largely, this resulted from the bearish sentiment and macroeconomic pressures that had BTC nosediving below $80k and altcoins in deep red
Notably, every day last week recorded inflows, following a 17-day consecutive run of outflows signalling a decisive shift in sentiment toward the asset class, Butterfill wrote in a report.
In its report, CoinShares says the US accounted for the bulk of the inflows, contributing $657 million. Switzerland chipped in with $13.5 million, though Germany saw a slight $8.8 million dip. Meanwhile,
Bitcoin leads with $724 million in inflows
As total assets under management across the crypto investment products space witnessed a 6.3% bump to $134 billion, Bitcoin bounced with over $724 million in inflows.
Bitcoin price has also recorded a 5% surge in the past week to see analysts forecast a potential surge to $100k again.
Spot exchange-traded funds were a key driver last week, QCP noted.
The rest of the market has XRP seeing a notable $6.7 million in inflows last week, which points to the positive news the cryptocurrency enjoyed.
Solana also flipped positive with over $6.4 million in inflows in the past week. However, Ethereum bucked the trend as digital asset investment products tied to the top altcoin shed $86 million.
Other altcoins to record notable outflows were Sui with $1.3 million, Polkadot also with $1.3 million and Tron +950k. Algorand also joined the altcoins with outflows over the past week as investors pulled $820,000 from related products.
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