On April 11, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” revealing that digital asset investment products experienced positive sentiment, with inflows totaling $57 million last week, bringing them back to a net positive position year-to-date. However, despite this, “volumes were low at $970 million for the week.” The global Bitcoin (BTC) exchange market also saw low volumes, ”just 25% of the year-to-date average at $18 billion for the week.”
Weekly crypto asset flows in millions (U.S. dollars). Source: CoinShares
According to the report, inflows were primarily driven by investors in the United States, with $27 million in inflows. Germany, Switzerland and Canada also saw positive sentiment, with inflows totaling $17 million, $13 million and $2.2 million, respectively, indicating a broad-based increase in confidence toward digital assets.
Investors primarily focused on Bitcoin, which received $56 million in inflows, accounting for 98% of all inflows. Meanwhile, short-Bitcoin suffered minor outflows totaling $0.6 million. In contrast, altcoins — including Uniswap’s UNI (UNI), Polkadot’s DOT (DOT) and Polygon’s MATIC (MATIC) — saw minor inflows of less than $1 million each.
The report also notes that, despite the Ethereum network’s Shapella upgrade scheduled for April 12, Ether (ETH) inflows were relatively minor at $600,000, suggesting that perhaps investors are cautious about investing in ETH until they are more confident about the impact of the upgrade. Additionally, blockchain equities saw minor inflows totaling $2.1 million, indicating a relatively quiet week for the market segment.
Related: Ethereum price retests key support level that preceded 60% gains in June 2022
Overall, the positive sentiment in the digital asset market last week — despite low volumes — indicates that investors remain bullish on the prospects of cryptocurrency. As previously reported by Cointelegraph, Bitcoin has reclaimed $30,000, its highest price since June 2022. Over the last 30 days, BTC recorded gains of nearly 46%, rising to its highest level…
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