Crypto Funds Draw $90M in New Money as Confidence Returns
Bitcoin-focused funds have attracted new capital for three straight weeks, after a period of outflows in recent months.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6DUHVHE6MRBE5L7O32T23IX6F4.png)
Digital asset investment products attracted $90 million in new money in the seven days last Friday, the seventh straight week of inflows.
Bitcoin-focused funds took in $69 million, according to a report published Monday by CoinShares. It was the third straight week of inflows for bitcoin funds, pushing the cumulative intake over the period to $115 million and cementing a trend reversal from the prior few months when redemptions were the norm.
“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among investors and more accommodative statements from the U.S. Securities and Exchange Commission and the Federal Reserve,” according to the report’s authors.
Crypto funds focused on Ethereum, the second-largest blockchain, saw $20 million of inflows.
Alternative digital assets appeared to show waning interest. Funds focused on Binance’s BNB token, Polkadot and Tezos saw minor outflows of $800,000 each. Cardano-focused funds saw minor inflows of $1.1 million while Solana attracted $700,000.
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.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.