Crypto Funds See $261M Inflows, 6th Straight Week of Gains

Published: Nov 6, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

Digital asset investment products recorded $261 million of net inflows last week, marking the 6th consecutive week of inflows, according to crypto asset manager CoinShares. Total inflows over the streak now exceed $767 million.

The latest $261 million weekly gain pushes total inflows over the 6-week run past the $736 million seen in all of 2022. The momentum matches a similar July streak and represents the largest since December 2021.

CoinShares said the extended inflow run signals improving sentiment and more risk appetite among investors.

The US-led inflows last week at $157 million, while Germany contributed $63 million. Switzerland and Canada also saw notable inflows of $36 million and $9 million, respectively. Renewed participation implies improving domestic sentiment as crypto emerges from a painful bear market.

Bitcoin captures lion’s share

Bitcoin snapped up $229 million of last week’s inflows, boosting its year-to-date total to $842 million. CoinShares cited the increasing prospects of a US spot bitcoin ETF as a key driver.

Weaker economic data also seems to be fueling interest in Bitcoin as an inflation hedge. Some traders still remain cautious, however, with $4.5 million entering short Bitcoin products.

Ethereum saw $17.5 million of inflows last week, the most since August 2022. The second-largest cryptocurrency endured heavy fund outflows for much of 2022.

Beyond bitcoin and ether, other altcoins benefited from the positive momentum. Solana saw $11 million in inflows as its price rallied. Chainlink and Polygon inflows hit $2 million and $0.8 million, respectively.

The data reveals broadening interest across crypto assets as markets stabilize and risk appetite improves. Whether the inflow trend can be sustained remains contingent on macroeconomic trends and bitcoin’s recent gains.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.