Bitcoin led the way as digital asset investment products saw inflows for a fourth week in a row last week, according to Coinshares.
The world's largest cryptocurrency by market cap saw inflows of $104 million, making up the bulk of the $114 million total. Bitcoin has surged about 80% year to date, though it's recently dipped below the $30,000 level. It's seen inflows of $310 million over the past four weeks.
"We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges," Coinshares said. "Opinion remains divided though, with short bitcoin seeing inflows totaling $14.6 million last week."
Ether inflows totaled just $300,000 as Ethereum completed its Shapella upgrade. CoinShares also noted that there was little activity in altcoins, save for $2.1 million of outflows from Polygon.
Inflows over the past four weeks total $345 million, almost completely reversing a prior six-week run of outflows that saw $408 million leave the sector.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.