Bitcoin briefly blew past the highest levels of 2022 overnight after reclaiming several key resistance points. Owing to the resurgence of the positive trend, crypto funds have seen fresh investment inflows.
The latest data reveals that digital asset investment products saw inflows totaling $193 million last week. This marks the largest volume since mid-December 2021.
- According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, European funds contributed a majority of 76% (around $147 million), while inflows from the American funds accounted for $45 million.
- Bitcoin has been the star of the show despite a rather underwhelming performance this quarter. The price recovery has even managed to push the total assets under management (AuM) to a whopping $57 billion.
- The report also suggested that investors focused on the cryptocurrency, which witnessed inflows totaling $98 million last week. This catapulted year-to-date inflows to $162 million.
- For the whole of last week, the trading volume has recovered to $2.5 billion.
- As far as fund providers are concerned, CoinShares Physical dominated the charts with weekly inflows of $91 million, followed by ProShares, ETC Groups, each with $48 million. Purpose Bitcoin ETF registered an outflow of $16 million.
- In terms of flows by asset, Bitcoin-focused funds saw weekly inflows of over $97 million, while Ethereum-focused funds registered merely $10.2 million weekly inflows.
- It is also worth noting that it has been a great week for Solana-dedicated funds, as well as they saw the largest single week of inflows on record, amounting up to $87 million, which represented 36% of AuM.
- CoinShares also stated,
“Most other altcoins saw inflows last week, most notable were Cardano, Polkadot, and relative newcomer ATOM, with inflows of $1.8 million, $1.2 million, and $0.8 million respectively.”