US Government Quagmire, Treasury Prices Fuel Digital-Asset Inflows of $21M
Bitcoin drew $20 million in inflows last week.
- Digital-asset investment products saw inflows last week for the first time in six weeks, with inflows of $21 million, according to crypto data provider CoinShares.
- We believe the inflows are a reaction to a combination of positive price momentum, fears over U.S. government debt prices and the recent quagmire over government funding.
- Solana continues to shine, with inflows of $5 million, marking its 27th week of inflows and just four weeks of outflows this year.
Digital-asset investment products saw inflows last week for the first time in six weeks, with $21 million in inflows. Early in the week, it looked as if it would be another week of outflows, but inflows came on Friday in what we believe is a reaction to a combination of positive price momentum, fears over U.S. government debt prices and the recent quagmire over government funding. Despite this most recent price pickup, volumes remain seasonally low in both the investment product market and the broader crypto market.
The recent regional divergence persists, with the U.S. seeing outflows of $19 million last week, while Europe and Canada saw inflows of $23 million and $17 million respectively.
Bitcoin inflows totaled $20 million last week, while outflows continue in short-bitcoin, with $1.5 million in outflows last week, bringing outflows since April to $85 million.
Digital-asset investment products saw inflows last week for the first time in six weeks, with $21 million in inflows. Early in the week, it looked as if it would be another week of outflows, but inflows came on Friday in what we believe is a reaction to a combination of positive price momentum, fears over U.S. government debt prices and the recent quagmire over government funding. Despite this most recent price pickup, volumes remain seasonally low in both the investment product market and the broader crypto market.
The recent regional divergence persists, with the U.S. seeing outflows of $19 million last week, while Europe and Canada saw inflows of $23 million and $17 million respectively.
Bitcoin inflows totaled $20 million last week, while outflows continue in short-bitcoin, with $1.5 million in outflows last week, bringing outflows since April to $85 million.
Very little activity was seen in the altcoin sector. Solana continues to shine, with inflows of $5 million, marking its 27th week of inflows and just four weeks of outflows this year, highlighting it as the most-loved altcoin this year. Ethereum saw outflows for aa seventh consecutive week with $1.5 million in outflows, marking it as the least-loved altcoin during the week.
Blockchain equities saw outflows of $8.4 million, in line with a broader sell-off in the technology sector.
