BTC, SOL, ETH as main-cast to July’s strongest report card movie
The cryptocurrency market continues to showcase important vital signs of life amid a raging storm. In fact, the ending week of July saw inflow into digital asset investment products at an optimal number.
Everyone is welcome
Digital asset investment products saw inflows totaling $81 million last week, signifying the fifth consecutive week of inflows totaling $0.53 billion.
According to the latest weekly report from CoinShares, July represented the strongest set of monthly inflows so far this year, recording $474 million.
Thereby, almost nullifying/correcting all of the June outflows which totaled $481 million.
Geographically, most inflows came from North America, with the U.S. totaling $15 million and Canadian inflows totaling $67 million. However, Brazil and Sweden both saw outflows of less than $5 million.
Follow my lead
Bitcoin, the largest cryptocurrency played the main character in this movie. It saw inflows totaling $85 million last week. On the other hand, short-Bitcoin (betting on a price decline) saw outflows totaling $2.6 million.
Moving on to altcoin, this cohort, indeed, showcased an interesting narrative. Multi-asset investment products, for instance, saw outflows of $3.7 million- indeed an unusual behavior given the past reports. Nonetheless, this meant that investors became more targeted in their investments.
Solana saw inflows totaling $1.5 million and remained “the investors’ favorite” this year with year-to-date inflows of $114 million. Polkadot, on the other hand, saw inflows, totaling $0.4 million. However, ETH, the largest altcoin registered a mere $1.1 million worth of inflows.
Overall, altcoin funds saw mixed movement, which didn’t really come as a total surprise. However, fears/speculation still persists in this emerging market. In this regard, CoinShares stated,
“Despite a more bullish mood in digital assets, trading activity remains very low, with last week’s volumes totalling $1.3B compared to this year’s weekly average of $2.4B.”