Crypto Sees 5th Consecutive Week of Biggest Inflows: CoinShares
Major crypto investment fund reports massive inflow of funds in cryptocurrencies, including crypto ETFs
Fifth consecutive week of big inflows in cryptoBitcoin drops after hitting highest in mid-June
According to a recent report from CoinShares, last week the company reached a new milestone by inflows that made July one of the strongest months in this respect this year together with June for crypto.
July almost managed to “beat” June – $474 million versus $481 million. The news was shared on Twitter by Chinese crypto journalist Colin Wu.
CoinShares: Digital asset investment products saw inflows totalling US$81m last week, signifying the 5th consecutive week of inflows totalling US$0.53bn. July represents the strongest set of monthly inflows so far this year totalling US$474m. https://t.co/NTn8nuAJJU
— Wu Blockchain (@WuBlockchain) August 1, 2022
Fifth consecutive week of big inflows in crypto
Last week’s $81 million investments made by financial institutions in cryptocurrencies and products based on them have comprised the fifth biggest week of inflows made in 2022 so far which has totalled $0.53 billion. Overall, in June $474 million was injected in crypto by institutions, according to the weekly report by CoinShares. This is 1.6 percent of assets under management of the company in total.
Among ETFs, the largest weekly inflows were seen by Purpose and ProShares – $60.3 million, $13.9 million.
As for “pure” digital currencies, Bitcoin is leading the CoinShares’ list by weekly inflows. According to the report, $84.8 million was invested in the flagship crypto last week. Ethereum and Solana are following with a huge gap of $1.1 million and $1.5 million.
Bitcoin drops after hitting highest in mid-June
The leading digital currency Bitcoin has failed to keep up its growth and demonstrated a drop by nearly 3 percent, hitting $23,130 after surpassing the $24,650 level over the weekend. That rise was the highest price mark BTC managed to reach since middle of June.
The 27 percent gained by Bitcoin in July was also the biggest for it since October. According to Bloomberg, some experts believe that August which kicked off today is going to be a hard month for BTC.
At the moment, the king crypto is trading 65.90 percent below its November all-time high of $68,789.