The amount invested in cryptocurrency investment products has climbed for a fourth straight week as rising prices continue to boost sentiment.
Digital asset investment products saw net inflows totalling $114 million last week, according to veri from CoinShares, with bitcoin-related products receiving the overwhelming majority of that new money at $104 million. Bitcoin began the week by crossing $30,000 for the first time since June 2022.
The four-week run of inflows now totals $345 million, said CoinShares.
Coinshares called the focus on bitcoin-related products “a flight to safety by investors fearful of the ongoing traditional finance challenges.”
Ethereum witnessed only $300,000 of net inflows last week, even as the successful completion of the Shanghai upgrade led to a surge in that crypto’s price to above $2,000 for the first time since August 2022.
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Blockchain-related equities garnered a net $5.8 million in inflows last week, according to the report, pushing total assets under management to $1.9 billion, the highest since October 2022 – prior to the collapse of crypto exchange FTX.