[ad_1]
Crypto digital asset products saw inflows totaling $441 million in the week ended July 5, CoinShares International Ltd. data show, a significant rebound from the $39 million in outflows the week prior
 "With $441 mn, Crypto funds witness inflows for first time in a month")
By Benjamin Taubman
Digital asset investment products had positive inflows for the first time in a month after the prices of cryptocurrencies across the board dropped to their lowest levels in months.
Click here to connect with us on WhatsApp
Crypto digital asset products saw inflows totaling $441 million in the week ended July 5, CoinShares International Ltd. data show, a significant rebound from the $39 million in outflows the week prior. The major crypto products that CoinShares tracks were overall in the green last week.
Bitcoin digital funds led the pack with nearly $400 million in inflows, marking a turnaround from a three week period which saw products for the world’s largest cryptocurrency lose over $1.2 billion. The substantial inflows came amid a week where the price of Bitcoin briefly dipped to $54,000, its lowest level since February.
The Bitcoin funds from Fidelity and ProShares had the highest inflows at about $200 million and $100 million, respectively. Despite gains for most other Bitcoin products, Grayscale’s fund was still in the red and lost around $90 million.
Funds backed by the Solana cryptocurrency saw the second-biggest increase and claimed over $16 million in gains, a 900% increase compared to the previous week. The gains comes about two weeks after asset manager VanEck appealed to the US Securities Exchange Commission to obtain approval for a Solana-backed ETF. But the likelihood that the filing goes through is a “long-shot,” according to Bloomberg Intelligence analyst James Seyffart.
Inflows for Ether funds were about $10 million, and Ether Strategy ETF was the biggest winner with about $6 million in inflows. But Ether-backed products still have overall outflows for the year totaling about $15 million now.
Ether gained about 4% to about $3,000 on Monday morning while Bitcoin rose around 3% to $56,500.
[ad_2]
Source link