Crypto-Fund Inflows Tripled Last Week to Highest in Almost Three Months
A net $127 million went into digital-asset funds during the week ended March 4, with minor outflows in Europe and large inflows in the Americas.
Fresh investment inflows into crypto funds jumped threefold last week to the highest in almost three months, despite outflows from European products.
Digital-asset investment funds attracted $127 million of new money during the week through March 4, a report Monday from the digital-asset manager CoinShares showed. The regional breakdown comprised $151 million of inflows in the Americas and outflows of $24 million in Europe.
Last week's inflows came as the bitcoin market appeared to stabilize, after a few weeks of turbulence sparked by Russia's invasion of Ukraine.
"Investors remain supportive of digital assets despite the recent geopolitical events," CoinShares wrote in the report.
The bitcoin (BTC) price spiked to as high as $44,767 last week after reaching a monthly low of $34,652 on Feb. 24. The price was around $39,500 at press time.
Ether (ETH), Ethereum blockchain’s native cryptocurrency, went as high as $3,015 on March 1, but is now down to $2,614.
Bitcoin funds saw inflows of $95 million last week, the most since early December. Ether funds saw minor inflows of $25 million, the most in 13 weeks, and potentially a sign of a changing mood after the negative sentiment that prevailed over the past few months, according to CoinShares.
Multi-asset investment funds saw inflows of $8.6 million last week.
Altcoin funds were mixed. Solana-focused funds lost $1.7 million, and Polkadot-focused funds lost about $900,000. Cardano funds pulled in about $900,000, while funds focused on Litecoin and XRP saw inflows too.
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.