Crypto funds see $474 mn inflows in July
PremiumCrypto funds saw inflows of $81 mn last week, the fifth consecutive week of inflows totalling $0.53 bn of the AUM
NEW DELHI : Despite choppy crypto markets, global digital asset funds logged net inflows totalling $474 million in July (till 29 July), the highest so far this year, according to a report by digital asset manager CoinShares.
Crypto funds almost made up for all the outflows in June, totalling $481 million. Despite a bullish mood for digital assets, trading activity remained low, with last week’s volumes at $1.3 billion compared to the 2022 weekly average of $2.4 billion. However, July was a decent month for crypto assets, as bitcoin recovered by around 15% and ethereum rose nearly 50%.
According to CoinShares, crypto funds recorded inflows of $81 million last week, the fifth consecutive week of inflows totalling $0.53 billion, or 1.6% of the assets under management (AUM).
The majority of inflows were from North America. Inflows from US and Canada were at $15m and $67 million, respectively. Brazil and Sweden witnessed minor outflows.
Bitcoin saw inflows of $85 million last week, while short-bitcoin (a bet on falling prices) saw outflows totalling $2.6 million—for the first time after the bear market witnessed inflows for five consecutive weeks.
For the second consecutive week, multi-asset investment products saw outflows totalling $3.7 million, suggesting investors are becoming more targeted in their investments.
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Solana saw minor inflows of around $1.5 million, remaining the investors’ favourite in 2022, with inflows of $114 million so far. Polkadot also saw inflows worth $0.4 million last week. In terms of individual crypto fund providers, global digital asset manager Grayscale had an AUM of $21.46 billion, followed by CoinShares at $2.11 billion and 21Shares with AUM of $1.15 billion. The total AUM of the crypto fund providers was at $32.53 for the week ended 29 July.
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