Crypto funds report third straight week of inflows

Inflows to cryptocurrency investment products from July 1 to July 7 totaled $136.1 million, compared with $124.7 million a week earlier. Analysts at CoinShares provided this estimate.

Over the last three weeks, inflows reached $470 million, fully offsetting outflows in the preceding nine weeks.

Since the start of the year, net inflows have totaled $231 million.

Trading activity, due to seasonal effects, fell to $1 billion from $2.3 billion the previous week.

Investors’ interest again focused on digital gold. Bitcoin products attracted $132.8 million ($123 million a week earlier).

From products that provide short exposure to the first cryptocurrency, investors pulled out $1.8 million versus $0.9 million in the prior period. The negative momentum continued for the eleventh straight week.

Ethereum funds posted inflows of $2.9 million, up from $2.7 million in the previous period.

In other altcoins, excluding Cardano, there was positive momentum; Cardano, meanwhile, saw outflows of -$1.3 million.

Solana-based products (Solana), XRP and Polygon attracted $1.2 million, $0.9 million and $0.8 million respectively.

Eight founder Michaël van de Poppe said the start of a Bitcoin bull market in Bitcoin.

Earlier, MicroStrategy founder Michael Saylor forecasted a multi-fold rise in digital gold thanks to regulation. In his view, the actions of the SEC will be the driver.