Digital-asset investment funds attracted net capital inflows in the week to Friday after four consecutive weeks of redemptions, as bitcoin, the crypto-market leader, consolidated its quick recovery from sub-$30,000 levels.
Data tracked by the U.S.-based CoinShares show crypto funds registered a net inflow of $63 million last week, of which nearly 62%, or $39 million, went into bitcoin-dedicated funds.
Ethereum-focused funds gained $18 million following three weeks of outflows, including the record leak of $50 million in the week ended June 25. Alternative cryptocurrencies like XRP, polkadot and cardano saw inflows to the tune of $1.2 million, $2.1 million, and $0.7 million, respectively.
Weekly crypto asset flows Source: Bloomberg, CoinShares
Investors poured money into all individual digital assets for the first time in nine weeks, hinting at a positive turnaround in the market sentiment. In contrast, multi-digital-asset products received just $0.6 million, a much smaller tally than previous weeks, CoinShares data shows.
Even as funds registered inflows, the trading turnover in bitcoin-focused products dropped to the lowest since November 2020.
Blockchain data also shows wealthy investors returning to the market. The number of coins held by whale entities – clusters of addresses controlled by a single network participant holding 1,000 to 10,000 BTC – recently jumped to a two-month high of 4.216 million BTC, according to data provided by Glassnode.
This article originally appeared on Coindesk.
