Flows into cryptocurrencies are breaking the 6-week downtrend
After six consecutive weeks of outflows, digital asset investment products finally broke the downtrend in a reversal that brought in inflows totaling $160 million, according to CoinShares.
This is the largest influx number since July 2022.
The latest release of CoinShares’ weekly report revealed that there have been financial outflows since February, recording $408 million in total.
But the market situation changed, especially after Bitcoin reversed its direction.
The crypto space saw inflows of $128 million.
What is stated in the report is the following:
While inflows have come relatively late, we believe this is due to growing concerns among investors about stability in the traditional finance sector.
Despite the growing bullish sentiment, Bitcoin’s short-term inflows held steady at $31 million.
On the other hand, Ethereum suffered an outflow of $5.2 million last week for the third consecutive week.
Analysts believe this may be because investors are concerned about the Shanghai Upgrade, which is scheduled for April 12.
Altcoins seem to be following Bitcoin’s path in terms of inflows.
Solana saw inflows of $4.8 million, followed by MATIC with $1.9 million and XRP with $1.2 million.
As for the countries from which these financial flows towards cryptocurrencies came, the United States of America is the leader, with inflows amounting to $69 million.
This is followed by Germany with $58 million and Canada with $26 million.