Crypto investment products see inflows of $862m
The inflow into cryptocurrency investment products from March 23 to 29 amounted to $862 million after an outflow of $942 million a week earlier.
As Bitcoin (BTC) recovered toward $70,000, assets under management increased from $88.2 billion to $97.9 billion, according to CoinShares analysts.
The main activity continued to concentrate on Bitcoin-related products. The $865 million inflows nearly offset the record $904 million withdrawal of funds the previous week.
Clients took $2 million after $3.7 million a week earlier from structures that allow opening shorts on the first cryptocurrency. In Ethereum (ETH) funds, the outflow weakened from $34.2 million to $18.9 million. Investors invested $6.1 million, $2.4 million, and $1 million in instruments based on Solana (SOL), Polkadot (DOT), and Cardano (ADA) $1 million, respectively.
At the end of March, Bitcoin closed in positive territory for the seventh month. According to CoinGlass, the price of the first cryptocurrency increased by 16.8% in March.
Bitcoin’s all-time high price was reached on March 12, when it rose to $73,000. However, it fell to $61,000 in several trading sessions before returning to $70,000 by the end of the month. The decline in the price of the first cryptocurrency in mid-March coincided with an outflow of funds from ETFs and a decrease in the likelihood of the imminent launch of ETFs on Ethereum.
