CoinShares Records Inflows to Crypto Funds Amid Negative Market Sentiment

The volume of funds in cryptocurrency investment products increased by $87 million over the week. Such datacited by CoinShares analysts.

A week earlier, owners of cryptocurrency instruments reduced their positions by $141.2 million. 

Mixed dynamics has been observed since April. Since the beginning of the year, the inflow of funds to crypto funds has reached $0.52 billion. For comparison, in 2021, in the same period, the indicator amounted to $5.9 billion.

Data: CoinShares.

Products based on the first cryptocurrency have attracted $69.4 million and $369 million since January. In value terms, they hit their lowest valuation since July 2021 ($24.7 billion).

The outflow of funds from Ethereum funds continued. In seven days, it amounted to $11.6 million and $250 million since the beginning of the year.

Investor interest in multi-asset products remains. Investments in them increased by $4.8 million over the week, and by $191 million since the beginning of the year.

Data: CoinShares.

Funding growth in another popular investment destination, Solana-based funds, was $1.8 million and $104 million, respectively.

Analysts noted a record interest in Algorand-based products - the inflow of funds for the week amounted to $20 million. They attributed this to the launch of new tools in the ecosystem.

Recall that the price of the first cryptocurrency for the first time in history decreased following the results of nine weeks in a row. Prior to this, the record series did not exceed seven weeks.

Earlier, JPMorgan analysts called the fair price of bitcoin at $38,000.

Guggenheim Partners investment director Scott Minerd and critic of the first cryptocurrency Peter Schiff allowed digital gold quotes to fall to $8,000.