Cryptocurrency investment received $87 million in inflows

The CoinShares weekly report shows that despite a generally bearish market sentiment, cryptocurrency investment products saw inflows of $87 million during the week of May 23.

There were $69 million in inflows for Bitcoin (BTC), bringing the total year-to-date inflows of $369 million. The asset’s price performance last week brought its total value under management to $24.7 billion, the lowest since July 2021 when it traded below the $30,000 level.

Its short BTC positions, which received close to $2 million in inflows, show a negative sentiment.

Ethereum’s negative fund flow trajectory continued in 2022 with an outflow of $11.6 million, bringing the total to $250 million. Investors, on the other hand, believe this is a non-issue because of the impending merger of Ethereum.

Because they’ve been buying Ether every day, we’re risk-on, Wes Cowan, a managing director at Valkyrie, reportedly said in an interview.

Positive inflows were also seen in major altcoins like Algorand, Solana, and Tron. Algorand received a record $20 million in inflow, while Solana received $1.8 million and Tron received $0.4 million, according to the data.

In an interview with Bloomberg News, Hayden Hughs, the CEO of Alpha Impact, said:

Ether and other altcoins are being heavily purchased, and these patterns mirror those seen in the bear market bottom in July 2021 and the local bottom in January 2022.

Purpose The Bitcoin ETF, which received $75.6 million in inflows from investors this week, has a market capitalization (AUM) of $1.35 billion.

A total of $15.5 million and $72 million have been invested in investment products across Europe and North America, indicating that investors have the same outlook.

These investments, on the whole, represent a positive change in performance for the industry, which had previously recorded $141 million in outflows. By the end of 2021, cryptocurrency investment products had already raked in over $500 million in investment dollars.

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