- Crypto funds recorded significant inflows last week after record outflows the week prior.
- The net inflows followed a corresponding rebound in Bitcoin’s price.
- While Bitcoin funds dominated, funds tied to several altcoins also saw notable inflows.
Last week, crypto investor sentiment flipped positive once again.
After jitters experienced the week prior, CoinShares data shows that global crypto funds raked in significant net inflows last week.
Crypto Funds Back to Winning Ways?
In the week before last, crypto funds saw record outflows of $1 billion as Bitcoin‘s retreat to around $60,000 from fresh all-time highs above $74,000 sent investor sentiment spiraling down, ending a seven-week streak of net inflows totaling $12.3 billion.
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However, after Bitcoin’s recovery to the $70,000 price point last week, investor sentiment appears to have also rebounded. According to data shared by CoinShares Head of Research James Butterfill, crypto funds raked in $862 million in net inflows during the week.
Bitcoin funds recorded the largest inflows, with $865 million as interest in U.S.-based spot Bitcoin ETFs recovered.
Besides Bitcoin, funds tied to altcoins like Solana, Polkadot, Cardano, XRP, and Litecoin all recorded inflows of $6.1 million, $2.4 million, $1.1 million, $300,000, and $200,000, respectively.
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On the other hand, Ethereum funds continued to see outflows, with $19 million recorded last week.
On the Flipside
- Whether these inflows will continue this week remains to be seen as Bitcoin consolidates around $70,000.
Why This Matters
Crypto fund flows can be used to gauge investor sentiment. Last week’s flows suggest that investors have shaken off the jitters of the week before.
Read this for more on recent crypto fund flows:
Crypto Funds Hit Record $1B Weekly Outflows on BTC Price Scare
See why Layer 3 networks have come under scrutiny from Polygon Labs’ CEO:
Layer 3s Weaken Ethereum’s Security: Polygon (MATIC) Labs CEO
