The latest digital asset fund report from CoinShares showed that investor outlook on Bitcoin ( $21,024.00 ) has become increasingly positive.
While last week’s report showed Bitcoin ( $21,024.00 ) lagged behind altcoins, which saw their highest inflows in the past three years, the latest data shows the market has broken an 8-weel spell of BTC outflows.
Market sees inflows across all assets, but altcoins remain the favorite
A total of $98 million went into digital investment assets last week, making it the third consecutive week of positive inflows the market has seen.
Chart showing weekly crypto-asset flows (Source: Coinshares)
According to CoinShares, the $140 million in inflows we’ve seen in the past three weeks suggests that investors’ sentiment towards Bitcoin ( $21,024.00 ) has improved significantly, as the currency saw inflows totaling $59 million in the last week alone.
This is the first week of inflows for Bitcoin ( $21,024.00 ) following an 8-week spell of outflows, the report said, noting that this is the longest dry spell endured by any digital asset investment product in the past decade.
And while Bitcoin ( $21,024.00 ) investment funds still make up 65% of the market, the altcoin market share has risen to a record 35% of investment products. Ethereum ( $1,224.14 ) , the world’s second-largest cryptocurrency by market cap, also saw the third week of inflows with $14.4 million, securing a 28% market share.
Ethereum’s position in the digital asset investment product market shows that concerns many investors seemed to have with Ethereum ( $1,224.14 ) ( $1,224.14 ) ( $1,224.14 ) 2.0 have largely disappeared.
Among other altcoins, Solana has quickly outpaced the competition and is currently a market favorite. The coin saw weekly inflows of over $13.2 million last week, doubling its total inflows year-to-date. Solana digital asset investment funds currently have $44 million in assets under management (AuM), growing from just $15 million last week.
Cardano saw the third-highest inflows among altcoins, with the report showing $6.5 million went into the token’s digital asset funds across last week. With $98 million in AuM, it ranks just under Ethereum ( $1,224.14 ) ( $1,224.14 ) ( $1,224.14 ) when it comes to funding size.
Polkadot ( $7.88 ) ( $7.88 ) and Ripple also saw notable inflows of $2.7 million and $1.2 million, respectively.
Table showing digital asset fund flows by the asset (Source: CoinShares)
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