Digital Asset Investments Skyrocket: Bitcoin Dominates With $188M Inflows
Portfolio Pulse from Murtuza Merchant
Digital asset investment products saw their largest single-week inflows since July 2022, totaling $199 million, with Bitcoin accounting for $188 million of the inflows. This surge is likely due to recent filings for physically backed ETFs with the U.S. SEC. Ethereum, Ripple, and Solana experienced smaller inflows.
June 26, 2023 | 2:50 pm
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POSITIVE IMPACT
Bitcoin experienced $188 million inflows last week, accounting for 94% of total digital asset investment inflows, likely due to recent ETF filings with the U.S. SEC.
The large inflows into Bitcoin indicate a renewed positive sentiment in the market, likely driven by recent filings for physically backed ETFs with the U.S. SEC. This could lead to increased demand and a short-term positive impact on Bitcoin's price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Ethereum saw inflows of $7.8 million, representing just 0.1% of AUM relative to Bitcoin's inflows at 0.7%, suggesting a lower appetite for Ethereum compared to Bitcoin.
While Ethereum experienced inflows, they were significantly smaller compared to Bitcoin's inflows. This suggests that the current appetite for Ethereum is lower than that for Bitcoin, resulting in a neutral short-term impact on Ethereum's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Solana experienced minor inflows of $0.17 million, indicating that the shift in sentiment did not significantly impact altcoins like Solana.
The minor inflows into Solana suggest that the shift in sentiment towards digital assets has not significantly impacted altcoins like Solana, resulting in a neutral short-term impact on Solana's price.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 60
NEUTRAL IMPACT
Ripple experienced minor inflows of $0.24 million, indicating that the shift in sentiment did not significantly impact altcoins like Ripple.
The minor inflows into Ripple suggest that the shift in sentiment towards digital assets has not significantly impacted altcoins like Ripple, resulting in a neutral short-term impact on Ripple's price.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 60