Institutional sentiment appears to be shifting back to being positive toward crypto as crypto investment products saw inflows of US$63 million for the first time in five weeks, according to a report by CoinShares, Europe’s largest digital asset investment firm. Previously, there were four straight weeks of crypto fund outflows.
- “For the first time in 9 weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors,” wrote James Butterfill, an investment strategist for CoinShares.
- Bitcoin took the lead, with total inflows of US$38.9 million.
- “While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020,” Butterfill wrote. “A similar observation was seen more broadly across the whole of the Bitcoin ecosystem with volumes down 38% relative to the average for 2021.”