According to a report published by CoinShares on July 10, digital assets have seen positive inflows for the third week in a row, completely correcting the market outflows seen in the previous nine weeks.
Fund inflows reached $136 million this week. Bitcoin (BTC) funds continue to maintain their anchor position, with 98% of inflows into BTC. Another 2% is primarily invested in Ethereum (ETH), multi-asset holdings, and a handful of altcoins.
After nine consecutive weeks in which digital asset outflows exceeded inflows, the positive move for the third week in a row brings the current sequential outflow total to $470 million. According to data from CoinShares, this total completely corrects the previous continuous outflow.
This brings the past 3 consecutive weeks of inflows to $470 million, fully correcting the previous 9 weeks of outflows.
However, transaction volumes have slowed, possibly due to seasonal effects, with July and August typically seeing lower transaction volumes.
2/6 pic.twitter.com/4uyvrY0aRP
— CoinShares (@CoinSharesCo) July 10, 2023
After hitting new yearly highs in the previous two weeks, Bitcoin inflows showed no signs of slowing down over the past week. As previously reported by Cointelegraph, BTC inflows stood at $123 million last week. This week saw an increase of $10 million, bringing the two-week inflow of BTC alone to $256 million.
This continued Bitcoin’s dominance in the crypto market, with its total market capitalization expanding to 51.46% from last week. report As of July 11, the share was 51.66%.
Another piece of good news for holders is that blockchain stock inflows hit a one-year high of $15 million. According to CoinShares, the figure was more than double last week’s $6.8 million, ending a nine-week streak of outflows.
However, there may be some signs of balance as overall liquidity appears to be declining. Trading volumes have hit “seasonal lows,” mimicking previous periods of low liquidity in July and August, the report said.
related: Standard Chartered Bank: Bitcoin supply shock will send BTC price to $120,000
While positive news about inflows continues, some investors appear nervous about the lack of a clear trend.
As the process progresses, the positive sentiment generated by expectations that one or more companies will eventually receive U.S. government authorization to offer bitcoin as a spot exchange-traded fund may wear off.
Uncertainty remains as the SEC lawsuit against Binance and Coinbase continues, with no clear indication of how the court will rule.
Svlook
