Digital-asset investment funds attracted net capital inflows in the week to Friday after four consecutive weeks of redemptions, as bitcoin, the crypto-market leader, consolidated its quick recovery from sub-$30,000 levels.

Data tracked by the U.S.-based CoinShares show crypto funds registered a net inflow of $63 million last week, of which nearly 62%, or $39 million, went into bitcoin-dedicated funds.

Ethereum-focused funds gained $18 million following three weeks of outflows, including the record leak of $50 million in the week ended June 25. Alternative cryptocurrencies like XRP, polkadot and cardano saw inflows to the tune of $1.2 million, $2.1 million, and $0.7 million, respectively.

CoinDesk - Unknown

Investors poured money into all individual digital assets for the first time in nine weeks, hinting at a positive turnaround in the market sentiment. In contrast, multi-digital-asset products received just $0.6 million, a much smaller tally than previous weeks, CoinShares data shows.

Even as funds registered inflows, the trading turnover in bitcoin-focused products dropped to the lowest since November 2020.

Blockchain data also shows wealthy investors returning to the market. The number of coins held by whale entities – clusters of addresses controlled by a single network participant holding 1,000 to 10,000 BTC – recently jumped to a two-month high of 4.216 million BTC, according to data provided by Glassnode.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.