- Digital investment products record $644 million inflows
- This breaks a five-week streak that coincided with massive bearish sentiment
- Bitcoin investiment products saw $724 million, while Ethereum continued lower with $86 million in outflows
Crypto investments products have snapped a five-week outflow streak, with the market seeing $644 million in inflows last week.
This comes as Bitcoin breaks above $87k and most altcoins record some slight gains to start the week on a positive note.
Investor sentiment flips, breaks 5-week outflows streak
According to James Butterfill, head of research at digital asset manager CoinShares, the digital asset investment products market flipped positive last week. The analyst pointed to the $644 million in inflows as having broken a five-week negative streak.
The turnaround follows a tough stretch for digital asset investment products, which endured $6.4 billion in outflows over the past five weeks.
As CoinJournal highlighted , the negative flows marked the worst run on record, with 17 straight days of downside. Largely, this resulted from the bearish sentiment and macroeconomic pressures that had BTC nosediving below $80k and altcoins in deep red
“Notably, every day last week recorded inflows, following a 17-day consecutive run of outflows — signalling a decisive shift in sentiment toward the asset class,” Butterfill wrote in a report .
In its report, CoinShares says the US accounted for the bulk of the inflows, contributing $657 million. Switzerland chipped in with $13.5 million, though Germany saw a slight $8.8 million dip. Meanwhile,
Bitcoin leads with $724 million in inflows
As total assets under management across the crypto investment products space witnessed a 6.3% bump to $134 billion, Bitcoin bounced with over $724 million in inflows.
Bitcoin price has also recorded a 5% surge in the past week to see analysts forecast a potential surge to $100k again.
Spot exchange-traded funds were a key driver last week, QCP noted .
The rest of the market has XRP seeing a notable $6.7 million in inflows last week, which points to the positive news the cryptocurrency enjoyed.
Solana also flipped positive with over $6.4 million in inflows in the past week. However, Ethereum bucked the trend as digital asset investment products tied to the top altcoin shed $86 million.
Other altcoins to record notable outflows were Sui with $1.3 million, Polkadot also with $1.3 million and Tron +950k. Algorand also joined the altcoins with outflows over the past week as investors pulled $820,000 from related products.
