According to a CoinShares report, Bitcoin inflows are on the rise this month. BTC inflows account for 58% of the total inflows in the crypto sector.
Inflows to digital asset investment products totaled $30 million last week. In contrast, the previous week, inflows reached $343 million, according to a new report from CoinShares.
According to such a report, last week’s $343 million inflows were the largest inflows since November 2021.
According to CoinShares, $30 million was reported as inflows to digital asset investment products last week. This brings total inflows since the beginning of the month to $394 million. Meanwhile, total assets under management (AuM) have returned to their early June 2022 value of $30 billion.
Bitcoin and Alternative Currencies
Bitcoin saw inflows totaling $19 million last week. By contrast, inflows the previous week reached $206 million. This represented the largest week of inflows since May 2022 for the largest cryptocurrency.
Additionally, the report noted that last week’s results generated inflows of $221.5 million so far this month. Meanwhile, inflows so far this year have totaled $241.3 million.
It is worth noting that the year-to-date inflows for Bitcoin represent 58% of the total year-to-date inflows for all assets. The latter reached $415 million, according to data from CoinShares.
Last week, the Short-Bitcoin product saw inflows of $0.6 million. However, the asset’s AuM fell 9% from its July 13 high of $145 million to $133 million. This occurred due to the positive price action of Bitcoin.
Regarding Ethereum, in contrast, CoinShares said that its total inflows last week amounted to $8.1 million. The largest altcoin recorded $120 million in inflows in the previous week.
According to the report, this represented the largest week of inflows since June 2021 and “implied a turning point in sentiment after a recent 11-week run of outflows.” CoinShares said that with the upcoming Merge update, investor interest in Ethereum is gradually returning.
The performance of altcoin last week put its total month-to-date inflows at $137 million. This represented a 35% share of the total $393.5 million recorded in inflows this month for all assets analyzed in the report.
So far, a low of $1,367 has been reached in June. The low was combined with an all-time low of 29 in the weekly RSI. Since then, the indicator has been increasing and has moved outside of its oversold territory. While this is a bullish sign, the RSI is still below 50. If the upward movement continues, the closest resistance area would be at $2,400, created by the 0.382 Fib retracement resistance level.
The Swiss Love Cryptocurrencies
The report shows that the majority of entries during the period under review came from Switzerland.
Last week, $16 million of the total $30 million recorded as inflows into digital asset investment products came from Switzerland. In the previous week, inflows from Switzerland totaled $356 million.
With inflows accounted for $577 million since the beginning of this year, Switzerland remains “a favored region for digital asset investors.” The United States and Germany lagged behind with small inflows of $9 million and $5 million, respectively.
By Audy Castaneda
