Summary:
Digital assets experienced a week of heavy inflows from institutional investors, according to CoinShares’ latest report. The improved sentiment is attributed to recent US inflation data, which suggests a lower likelihood of a September interest rate hike. Bitcoin dominated the inflows, receiving $27 million, bringing its year-to-date inflows to $456 million. Ethereum, Uniswap, XRP, Solana, and Litecoin also saw inflows ranging from $0.1 million to $2.5 million.
Main Breakdowns:
– Digital assets received $29 million in inflows from institutional investors.
– Bitcoin accounted for the majority of inflows with $27 million.
– Ethereum, Uniswap, XRP, Solana, and Litecoin also received inflows ranging from $0.1 million to $2.5 million.
– XRP has seen 16 consecutive weeks of inflows, representing 12% of assets under management.
– The improved sentiment is attributed to lower-than-expected US inflation data.
Hot Take:
Despite three weeks of outflows, digital assets experienced a positive week with substantial inflows. Bitcoin remains the primary focus for institutional investors, while other cryptocurrencies also attracted investment. The market sentiment remains supportive, indicating continued confidence in the crypto market. The recent US inflation data played a significant role in boosting investor sentiment.
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