$69M Flows Into Bitcoin Funds Last Week

Takeaways

• Digital asset investment products saw inflows of US$90m last week, marking the 7th consecutive week of inflows, totalling US$411m.
• Bitcoin saw inflows of US$69m last week. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors.
• Ethereum saw another week of inflows, totalling US$20m, although it has conceded market share to Bitcoin in recent weeks, having fallen from a peak of 28% to 25%.
• Despite improving inflows across investment products, volumes remain low, at US$2.4bn last week, compared to US$8.4bn in May 2021.

Digital asset investment products saw inflows of US$70m last week, marking the 7^th consecutive week of inflows, totalling US$390m.

Bitcoin saw inflows of US$48m last week. Having suffered the longest run of outflows on record, Bitcoin has now seen its 3^rd week of inflows totalling US$115m. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the US Securities Exchange Commission and the Federal Reserve.

Ethereum saw another week of inflows totalling US$20m although it has conceded market share to Bitcoin in recent weeks, having fallen from a peak of 28% to 25%.

It was a mixed week for other altcoins, with Polkadot, Tezos and Binance seeing minor outflows totalling US$0.8m each, while Cardano and Polkadot saw minor inflows totalling US$1.1m and US$0.7m respectively.

Despite improving inflows across investment products, volumes remain low at US$2.4bn last week, compared to US$8.4bn in May 2021.

Contact James Butterfill at [email protected]