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CRYPTO NEWS DESK — 2023-01-31

Digital Asset Inflows Hit $117M Last Week, Largest in Six Months

The report stated that investment products remain only 1.4% of total volumes on trusted crypto exchanges.

Digital Asset Inflows Hit $117M Last Week, Largest in Six Months

Digital-asset products saw inflows totaling $117 million last week, according to the crypto investment firm CoinShares. This marks the largest inflow recorded since July 2022. Subsequently, the total asset under management (AuM) increased to $28 billion, recovering by 43% since the lows of November. Bitcoin-tied investment funds alone recorded $116 million in inflows last week. Minor inflows into short-bitcoin of $4.4 million were also noted during the same time frame. Strong inflows came as Bitcoin climbed above $23,000 after surging by well over 40% year-to-date. Despite the market recovery in the past few weeks, investors are still cautious, preferring select investments. This trend was indicated by the continued outflows for the 9th consecutive week in multi-asset investment products that added up to $6.4 million. Altcoins such as Solana, Cardano, and Polygon recorded inflows, while Bitcoin Cash, Stellar, and Uniswap saw minor outflows. The report also found that inflows associated with blockchain equities stood at $2.4 million. However, gauging across providers demonstrated a 'polarized sentiment.' The report further said that investment product volumes were up by 17% compared to the YTD average and are improving. Data shows that $1.3 billion were traded for the week. A similar trend was seen by the broader digital asset market, which witnessed average weekly volumes surge by 11%. Germany dominated with the largest inflows in terms of geography, recording $46 million. Trailing behind was Canada, the United States, and Switzerland, with $30 million, $26 million, and $23 million in inflows, respectively. The post Digital Asset Inflows Hit $117M Last Week, Largest in Six Months appeared first on CryptoPotato.

— Chayanika Deka of CryptoPotato - Crypto Blog

Keywords: AA News, Crypto News, Bitcoin


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