After five weeks of continuous outflows, digital asset investment products saw a turnaround last week, attracting $644 million in inflows. This pushed total assets under management up by 6.3% from their March 10 low.
The reversal was further validated by daily inflows throughout the week, breaking a 17-day streak of outflows.
According to the latest edition of CoinShares’ Digital Asset Fund Weekly Report, the latest shift is a “decisive shift in sentiment toward the asset class.” Bitcoin drove last week’s recovery as it attracted $724 million in inflows. In the process, it reversed a five-week outflow streak that had drained $5.4 billion.
Meanwhile, short-Bitcoin investment products continued to see outflows for a third consecutive week with the latest one being $7.1 million.
The sentiment in the altcoin market was mixed. Ethereum, for one, experienced the largest outflows of $86 million. Other altcoins such as Sui, Polkadot, Tron, and Algorand followed suit with outflows of $1.3 million, $1.3 million, $0.95 million, and $0.82 million, respectively.
On the other hand, XRP led with $6.7 million in inflows, followed by Solana with $6.4 million. Multi-asset products saw $3.2 million in inflows. Polygon, Chainlink, and Cardano saw more modest gains of $0.4 million, $0.2 million, and $0.1 million, respectively.
The United States dominated the inflows with $632 million, accounting for the majority of the positive trend. Other countries, such as Switzerland, Germany, and Hong Kong, also recorded inflows of $15.9 million, $13.9 million, and $1.2 million, respectively.
Brazil and Australia recorded smaller amounts, at $1.1 million and $0.2 million, while Sweden and Canada saw outflows of $10.3 million and $9.1 million, respectively.
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