The assets under management in cryptocurrency investment products rose by $87 million for the week, according to CoinShares analysts.
Digital asset investment products saw inflows totalling US$87m last week, pushing year-to-date inflows just past the half a billion mark to US$0.52bn. Algorand saw record inflows last week totalling US$20m, likely triggered by new product launches. https://t.co/B6ngxGFEuy
— Wu Blockchain (@WuBlockchain) May 30, 2022
A week earlier, holders of crypto investment products reduced their positions by $141.2 million.
Since April, a mixed dynamic has prevailed. Inflows into crypto funds since the start of the year reached $0.52 billion. By comparison, in 2021 the figure over the same period stood at $5.9 billion.
Bitcoin-based products attracted $69.4m and $369m — since January. In dollar terms they reached their lowest valuation since July 2021 ($24.7bn).
Outflows from Ethereum funds continued. Over the seven days they totalled $11.6m and $250m — since the start of the year.
Investor interest in multi-asset products remained strong. Inflows into them over the week rose by $4.8m, with year-to-date up by $191m.
Inflows into Solana-based funds amounted to $1.8 million for the week and $104 million year-to-date.
Analysts noted record interest in Algorand-based products — weekly inflows totalled $20 million. They linked this to the launch of new tools in the ecosystem.
Bitcoin’s price fell for the first time in history fell for nine consecutive weeks. Previously, the longest streak had not exceeded seven weeks.
Earlier, JPMorgan analysts named Bitcoin’s fair price at $38,000.
Guggenheim Partners Investment Director Скотт Майнерд and Bitcoin critic Питер Шифф warned of a drop in the price of digital gold to $8,000.
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