Recent US government quagmire and treasure prices have reportedly helped with fueling inflows of $21 million, according to an update from digital asset firm CoinShares (Nasdaq Stockholm: CS)
CoinShares reports that digital asset investment products “saw inflows last week for the first time in 6 weeks totalling $21 million.”
CoinShares believe the inflows “are a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding.
Solana continues to shine, with inflows of $5 million, “marking its 27th week of inflows and just 4 weeks of outflows this year.”
As noted in the update shared by James Butterfill from CoinShares, digital asset investment products saw steady inflows this past week for the first time in 6 weeks totaling US$21m.”
Earlier in the week it looked “as if it would be another week of outflows, with the inflows coming late in the week (Friday) in what we believe is a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding.”
Despite this most recent price pick up, volumes “remain seasonally low in both the investment product market and the broader crypto market.”
The recent regional divergence persists, “with the US seeing outflows totaling US$19m last week, while Europe and Canada saw inflows of US$23m and US$17m respectively.”
Bitcoin inflows have reportedly “totaled US$20m last week, seeing the majority of inflows, while outflows continue in short-bitcoin which saw US$1.5m last week, bringing outflows since April to US$85m.”
Very little activity was “seen in the altcoin space, Solana continues to shine, with inflows of US$5m, marking its 27th week of inflows and just 4 weeks of outflows this year, highlighting it as the most loved altcoin this year.”
Ethereum saw outflows for a 7th consecutive week, “totaling US$1.5m, marking it as the least loved altcoin.”
Blockchain equities reportedly “saw outflows of US$8.4m, inline with a broader sell-off in the technology sector.”
As covered late last month, CoinShares announced the CoinShares Hedge Fund Solutions division, as part of their mission to continue bridging the gap “between traditional institutional investors and the dynamic world of digital assets.”
For the “first” time, CoinShares will be making its offerings “accessible to qualified U.S. investors through a range of private investment products.”
This new division will be “led by Lewis Fellas, who brings with him 23 years of industry experience (including 7 in digital assets).” His expertise will align seamlessly with CoinShares’ established proficiency “in trading and quantitative analysis, providing a solid foundation for premium products tailored to institutional investors.”