Bitcoin records inflows for the third week in a row and remains the focus of investors, while Ethereum benefits only slightly from improving investor sentiment

Bitcoin records inflows for the third week in a row and remains the focus of investors, while Ethereum benefits only slightly from improving investor sentiment

Leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) saw inflows last week, while bears BTC and ETH saw outflows. This is shown by the current report from CoinShares.

According to the report, inflows from digital asset investment products totaled $136 million last week. This was the third consecutive week of inflows, bringing total inflows to $470 million. CoinShares notes that year-to-date inflows have reached a net value of $231 million.

CoinShares highlights that this period was marked by a decline in trading volume despite the inflows. While the average trading turnover in the previous two weeks was $2.5 billion, last week's trading turnover was only $1 billion. This decrease could be due to seasonal effects during the summer months.

Bitcoin continues to dominate investor interest as the king of cryptocurrencies recorded $133 million in inflows last week. This accounts for 98% of the total inflows during this period. Although BTC's price barely changed during this period, it still saw an 8% increase in inflows. Overall, Bitcoin's year-to-date net inflows are $290 million and assets under management are $25 billion.

On the other hand, short Bitcoin products recorded outflows of $1.18 million last week, marking the 11th consecutive outflow in recent weeks. Nevertheless, it shows that short Bitcoin products have seen the second highest inflows with a total of $58 million since the beginning of the year.

Ethereum also saw inflows last week, but to a lesser extent than BTC. A total of $2.9 million flowed into ETH, but CoinShares notes that Ethereum only marginally benefited from improved investor sentiment. Compared to Bitcoin, Ethereum inflows represent only 0.2% of assets under management, compared to 1.9% for Bitcoin. Year-to-date, Ethereum is still seeing a negative net inflow of $63 million.

Among other altcoins, Solana (SOL) recorded inflows of $1.2 million, Ripple (XRP) $900,000, Polygon (MATIC) $800,000, and Litecoin (LTC) $500,000. Cosmos (ATOM) and Cardano (ADA) experienced minor outflows.

Overall, the report highlights that inflows into digital assets continue, particularly Bitcoin, while Ethereum is still struggling to capitalize on the positive sentiment. It remains to be seen how the market will develop in the coming weeks.