Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report

After five weeks of consecutive outflows, digital asset investment products finally saw inflows last week totaling $63 million in the week ending July 2nd, according to CoinShares’ data.

It was also the first time in nine weeks that inflows were seen across all individual digital assets, “implying a turnaround in sentiment amongst investors.”

Bitcoin saw the most inflows at $39 million, a minor update to the previous weeks’ data highlighting a two-week run of inflows now.

Compared to Bitcoin’s (BTC) two consecutive weeks of inflows, Ethereum (ETH) had three weeks of inflows totaling $18 million. BTC -7.62% Bitcoin / USD BTCUSD $ 21,716.84
-$1,654.82-7.62% Volume 31.85 b Change -$1,654.82 Open $21,716.84 Circulating 19.13 m Market Cap 415.35 b 7 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 7 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 7 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -6.30% Ethereum / USD ETHUSD $ 1,737.37
-$109.45-6.30% Volume 20.59 b Change -$109.45 Open $1,737.37 Circulating 122.02 m Market Cap 212 b 7 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 7 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 7 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

While inflows have finally come in, Bitcoin investment product trading turnover was the lowest since November 2020. According to CoinShares, a similar observation was seen more broadly across the whole of the Bitcoin ecosystem, with volumes down 38% relative to the average for 2021.

Among altcoins, Polkadot (DOT) had the highest inflows of $992.1 million followed by XRP and Cardano (ADA) at $512 million and $90.7 million respectively. DOT -11.24% Polkadot / USD DOTUSD $ 7.52
-$0.85-11.24% Volume 467.88 m Change -$0.85 Open $7.52 Circulating 1.11 b Market Cap 8.34 b 7 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 8 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 8 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows XRP -9.42% XRP / USD XRPUSD $ 0.34
-$0.03-9.42% Volume 1.37 b Change -$0.03 Open $0.34 Circulating 49.38 b Market Cap 16.82 b 7 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 8 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 8 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card ADA -13.12% Cardano / USD ADAUSD $ 0.47
-$0.06-13.12% Volume 1.08 b Change -$0.06 Open $0.47 Circulating 33.93 b Market Cap 15.95 b 7 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 7 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 8 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Inflows of $0.6 million were seen into multi-digital asset investment products; however, this was much smaller than previous weeks suggesting investors were less interested in diversification.

When it comes to digital asset managers, the largest one in the world, Grayscale still hasn't seen any while its AUM is currently at just above $30 billion. Meanwhile, the second-largest CoinShares had net outflows with its AUM now at almost $3.3 billion, with 3iQ also recording net outflows.