Digital Asset Funds Flip Positive for First Time in 4 Weeks: CoinShares

CoinShares attributes the inflows to recent price weakness prompted by defunct crypto exchange Mt. Gox initiating preparing to initiate repayments to creditors.

AccessTimeIconJul 8, 2024 at 11:02 a.m. UTC
Updated Jul 8, 2024 at 11:05 a.m. UTC
  • Bitcoin accounted for $398 million of the $441 million of inflows, and CoinShares noted it is unusual for BTC to represent only 90% of the total.
  • Investment products last registered net inflows in the week ended June 7, when investors added more $2 billion.

Digital asset investment products saw $441 million of net inflows last week, breaking a three-week string of net outflows, according to CoinShares.

The products last registered net inflows in the week ended June 7, when investors added more than $2 billion.

Bitcoin (BTC) accounted for $398 million of inflows. CoinShares noted it is unusual for BTC to represent only 90% of the total. Solana stood out among altcoins, with SOL-linked products registering $16 million.

CoinShares attributed the flows to recent price weakness prompted by defunct crypto exchange Mt. Gox preparing to initiate repayments to creditors and the German government's law-enforcement agency moving large amounts of bitcoin to exchanges.

Investors likely saw this as a buying opportunity, CoinShares said. However, the sentiment was not reflected in blockchain equities, which saw $8 million in outflows to take their year-to-date total to $556 million.

Edited by Sheldon Reback.





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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.