After six consecutive weeks of outflows, digital asset investment products finally broke the bearish streak in a reversal that fetched inflows totaling $160 million, according to CoinShares.
This is the largest inflow figure since July 2022.
- The latest edition of Digital Asset Fund Flows Weekly Report revealed that these investment products have been recording outflows since the beginning of February, hitting $408 million in total. But Bitcoin benefitted the most from the much-needed turnaround.
- Some market players even touted Bitcoin to be a “safe haven” for the first time as the flagship crypto saw inflows of $128 million.
- The report stated:
“While the inflows came relatively late compared to the broader crypto market, we believe it is due to increasing fears amongst investors for stability in the traditional finance sector.”
- Despite the growing bullish sentiment, short-bitcoin inflows remained consistent at $31 million.
- Ethereum, on the other hand, suffered outflows of $5.2 million last week for the third consecutive week.
- The analysts believe that this could be due to “investor jitters around the Shanghai upgrade,” which is slated for April 12th, to be the most likely reason.
- Altcoins appear to be following Bitcoin’s trajectory in terms of inflows. Solana saw $4.8 million in inflows, followed by Polygon with $1.9 million and XRP with $1.2 million.
- Inflows were tracked from many countries as well, depicting a broad improvement in sentiment in the asset class. The US saw the most notable growth, with inflows hitting $69 million. Trailing behind was Germany with $58 million and Canada with $26 million.
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