Investors Pile Back Into Bitcoin As Bulls Bet Bottom Is In – Where Could BTC Price Go Headed Next?
Digital asset investment products saw their largest inflows since July 2022, according to the latest weekly fund flows report from crypto intelligence firm CoinShares. $117 million in capital entered the crypto investment product space, with Bitcoin dominating and accounting for $116 million of the inflows.
Short Bitcoin products also saw $4.4 million in inflows, taking the monthly inflow to short Bitcoin products to $30 million. But this is still some way off the month-to-date inflow into long Bitcoin products, which was last at $125 million.
According to CoinShares, total assets under management have jumped to $28 billion, up 43% from November 2022’s post-FTX collapse lows, mostly due to price appreciation of crypto assets.
Trading volumes are also recovering, the crypto intelligence firm’s report revealed. Products worth $1.3 billion changed hands over the course of the week, 17% above the year-to-date average. This remains only about 1.4% of the trading volumes seen across trusted cryptocurrency exchanges, CoinShares noted.
Investors also continued to prefer “select investments”, Coinshares stated, pointing to the fact that multi-asset investment products saw outflows for a ninth consecutive week. Multi-asset funds saw outflows of $6.4 million on the week, taking the month-to-date outflow to $16 million.
CoinShares’ latest report shows that institutional investors, who tend to favor crypto investment products over holding the underlying spot asset, are finally starting to get involved in the rally that has seen Bitcoin’s price surge 40% this month. Prior to last week’s surge in Bitcoin investment product buying, monthly inflows were only a minuscule $9 million.
The shift in sentiment reflects a growing narrative amongst
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