Digital asset manager CoinShares said its digital asset investment products have seen inflows for the 11th straight week.
CoinShares said in its latest fund flow report that more than $40 million flowed into digital asset investment products last week.
“Digital asset investment products recorded inflows totaling $43 million for the 11th consecutive week, but a notable decline compared to the previous week. “Recent price increases have led to significant inflows into short positions as some investors see the potential for price declines.”
Cryptocurrency king Bitcoin (BTC) once again led the inflows with $20 million, while CoinShares reported that Ethereum (ETH) rivals Solana (SOL) and Avalanche (AVAX) were attracting institutions to altcoins. He said it was a “clear preference” for the agency.
“Solana and Avalanche have seen inflows of US$3 million and US$2 million respectively, and remain firmly popular in the altcoin space.”
Meanwhile, ETH recorded $10 million inflows for the sixth week in a row.
Litecoin (LTC) and XRP products earned $700,000 and $800,000 each.
CoinShares also found a strong regional bias in last week’s inflows.
“Regionally, Europe continued to dominate inflows, with inflows of US$43 million, while the US saw inflows of US$14 million, half of which were short positions. In Hong Kong, there was a total outflow of US$8 million in the second week, and in Brazil there was also a small outflow of US$4.6 million.”
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