Following their longest streak of selling since February 2018, institutional managers became net buyers of digital asset funds last week, offering cautious optimism that the worst of the market selloff has passed.
Inflows into digital asset funds devoted to Bitcoin (BTC), Ether (ETH) and others totaled $63 million in the week ended July 2, CoinShares said in its latest report. For the first time in nine weeks, inflows were registered across all individual digital assets with dedicated funds.
Funds devoted to Bitcoin saw $38.9 million in weekly inflows, bringing the year-to-date total to $4.186 billion. CoinShares revised the previous week’s total to reflect a small increase in net investments.
Ether funds registered $17.7 million in weekly inflows, bringing their year-to-date total to $960 million and snapping three consecutive weekly outflows.
Funds investing in Polkadot and XRP saw inflows of $2.1 million and $1.2 million, respectively.
While multi-asset funds saw positive weekly inflows, the total was much smaller than in previous weeks,