Digital asset investment products recorded inflows of $28.5 million last week, reversing a three-week trend of outflows.
The renewed interest is attributed to recent U.S. inflation data that came in slightly below expectations, reducing the likelihood of a September rate hike, according to CoinShares’ latest report.
Bitcoin dominated with inflows of $27 million, rebounding from $144 million in outflows over the previous three weeks. Short bitcoin investment products resumed their outflow streak after minor inflows the week before.
“This data suggests that sentiment for bitcoin and the broader crypto market remains supportive despite the seasonally low volumes,” CoinShares Head of Research James Butterfill said.
XRP’s 16-week inflow run
XRP investment products marked their 16th consecutive week of inflows, adding another $0.5 million, and now account for 12% of current assets under management at providers such as Grayscale, Bitwise and ProShares. XRP assets under management have risen 127% since the start of the year.
Ether funds also registered inflows of $2.5 million, while other notable performers included Uniswap and Solana products, with inflows of $0.7 million and $0.4 million, respectively.
Regionally, Canada was the most active, recording inflows of $23.8 million, although the country still lags behind its global counterparts on a year-to-date basis. Switzerland was the only other country to witness significant inflows, totaling nearly $8 million.
The U.S. saw inflows of just under $1 million.
© 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.