Crypto funds saw over $120 million in inflows last week

Markets • July 3, 2023, 5:59PM EDT

Quick Take

Weekly inflows into crypto asset management products were strong for the second week in a row.

Weekly inflows into crypto asset management products were strong for the second week in a row, with CoinShares reporting $125 million coming into the industry last week.

That brought total inflows into such products to $334 million over the past two weeks, according to the European asset manager.

Source: CoinShares

Bitcoin investment products accounted for the vast majority of inflows, with more than 98% of the funds tied to the largest cryptocurrency by market capitalization.

Short-bitcoin investment products, meanwhile, witnessed outflows of $0.9 million.

The past two weeks of inflows marked a swift turnaround for the sector, which up until the middle of June saw several weeks of outflows. The shift has been underpinned by a wider rally in the market that kicked off after a flurry of filings for new spot exchange traded funds that are now awaiting review by the U.S. Securities and Exchange Commission.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].