Bitcoin (BTC) Funds Attracted $310 Million in Last Four Weeks, CoinShares Says
CoinShares, a leading data provider in the Web3 segment, shares its weekly report on value flow in the sphere of cryptocurrency-based investment funds. These statistics are an interesting indicator of private investors' sentiment in the midterm.
Bitcoin (BTC) funds attracted $104 million in last week: "Continued bullishness"
According to the Volume 127: Digital Asset Fund Flows Weekly Report shared by CoinShares head of research James Butterfill, over the past few weeks, bulls have dominated in the segment of cryptocurrency funds. The largest funds closed the week with a $114 million inflow with Bitcoin (BTC) being responsible for $104 million of this sum.
Continued bullishness in Bitcoin, with US$104m inflows last weekhttps://t.co/KQJ2yCzvIx
— James Butterfill (@jbutterfill) April 17, 2023Bitcoin Could Crash to $50,000 Before Its Starts Rallying, Tom Lee SaysSHIB Burns Skyrocket 2,221%, Here's What's HappeningTop Ripple Lawyer Says Gensler 'Anti-Crypto Crusade' Is ImplodingStellar (XLM) Below Key Indicator, Solana (SOL) Bull Run Officially Ended? Ethereum (ETH) on Verge of Ending It
As such, Bitcoin (BTC) accounts for over 92% of net inflows to the digital assets fund. Other major cryptocurrencies available from the largest funds also printed positive inflows. Solana (SOL)-based and multi-asset funds registered outflows of liquidity, while Tron-based products remained untouched.
This is the fourth week for crypto-based funds to register positive inflows of money. During this impressive run, $345 million were invested in mentioned funds; $310 million came to Bitcoin-based products.
Butterfill stressed that this is evidence of investor optimism:
Continued bullishness in Bitcoin, with US$104m inflows last week.
As a result, this major indicator almost managed to erase losses caused by regulatory uncertainty in Q1, 2023, when it was losing steam for six consecutive weeks.
Shapella upgrade activation ignored by Ethereum (ETH) funds
Surprisingly, Ethereum-based funds registered negligible inflows of $0.3 million; investors were super cautious about the effects of the much-anticipated Shapella upgrade.
Vladislav SopovHowever, it was not all roses for Bitcoin (BTC); $14.6 million were invested into funds offering Bitcoin Short products designed to let their holders benefit from BTC losing its price.
Digital assets funds are regulated investment vehicles for investors interested in being exposed to cryptocurrency price dynamics but not willing to hold "physical" cryptocurrency directly.
In the last week, ProShares Bitcoin and CoinShares Physical funds were the most attractive for investors.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Related articles
Gamza Khanzadaev
Godfrey Benjamin
Dan Burgin