- European asset management company CoinShares reported last week that it received $199 million in crypto funds.
- The crypto market showed signs of revival as major asset management companies like BlackRock applied for spot Bitcoin
- Bitcoin received a total of $188 million in inflows last week in companies like CoinShares and Grayscale.
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The revival in the cryptocurrency market is reflected in funds; CoinShares reported its highest fund inflow since July 2022.
Increase in Crypto Investment Fund Inflows
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European asset management company CoinShares reported last week that it received $199 million in crypto funds. This is the highest inflow of cryptocurrency investment products reported since July 2022.
At another point where the crypto market showed signs of revival with major asset management companies like BlackRock applying for spot Bitcoin ETFs, CoinShares stated that the gains from last week corrected almost half of the outflows seen in the previous nine weeks.
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CoinShares said, “We believe that this re-emerging positive sentiment is due to the recent announcements by high-profile ETP issuers applying for physically backed ETFs with the U.S. Securities and Exchange Commission.”
Crypto Investment Product Inflows (Weekly)
Bitcoin Receives Most of the Inflows
Bitcoin received a total of $188 million in inflows last week in companies like CoinShares and Grayscale. Short-positioned Bitcoin has been experiencing outflows for nine weeks with a $4.9 million outflow. Ethereum, on the other hand, saw an inflow of $7.8 million, indicating that interest in Ethereum is currently lower than Bitcoin.
CoinShares stated that the excitement did not reflect on altcoins, saying that there were “very small” inflows to XRP and Solana, and added;
“The improving sentiment encouraged some investors to buy multi-asset investment ETPs, and there were $8 million inflows last week.”
According to CoinShares, total assets under management by fund managers are currently at $37 billion, which is the highest level since before the collapse of Three Arrows Capital.