Digital asset management CoinShares reports that institutional crypto investment products' six straight weeks of outflows abruptly came to a stop last week in a dramatic way.

The institutional cryptocurrency investment products witnessed the largest inflows in over eight months, according to CoinShares' most recent Digital Asset Fund Flows Weekly Report.

“Digital asset investment products saw inflows totaling US$160m, the largest since July 2022. A marked turnaround following 6 weeks of outflows that totaled US$408m. While the inflows came relatively late compared to the broader crypto market, we believe it is due to increasing fears amongst investors for stability in the traditional finance sector.”

Inflows into Bitcoin (BTC) products totaled about $130 million last week. But, $31 million was also made by short BTC products, which seek to make money when the price of Bitcoin declines.

“Bitcoin was the primary beneficiary, seeing inflows of US $128m, and expressed recently by some of our clients as a safe haven for the first time. Although not all share this view as short-bitcoin also saw inflows of US $31m, remaining the investment product with the most inflows this year so far, but not the best performing from a price perspective.”

Last week saw a $5.2 million loss for Ethereum (ETH), the third straight week of losses.

“We believe investor jitters around the Shanghai upgrade (expected 12th April) are the most likely reason.”

A total of US$4.8 million, US$1.9 million, and US$1.2 million were invested in Solana (SOL), Polygon (MATIC), and XRP products, respectively.

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