$87 Million inflow on Cryptocurrencies during a Garbage Market
$500 Million has been spent on digital asset investment products this year...
Even when the crypto market is in a shit hole, investors are still showing their loyalty. During the week of May 23, digital asset investment products say an inflow of $87 Million.
A report from CoinShares shows that Bitcoin experienced inflows of $69 Million (it just seems to be fate that Bitcoin has an inflow of 69…). This brings the assets YTD inflows to $369 Million. However, Bitcoin’s price performance has brought the total value of the asset to $24.7 Billion. This is the lowest it has been since July 2021.
Short positions for the digital currency saw inflows totaling nearly $2 Million.
Ethereum also continued to trend on a negative fund flow with $11.6 Million outflows. This brings the 2022 outflows to $250 Million total. Investors continue to urge everybody else that this is nothing to worry about…
A managing director at Valkyrie, Wes Cowan, has said his firm is “risk-on because we have been accumulating Ether every single day.” Outside of Andreessen Horowitz raising a $4 Billion Web3 fund, this is some huge news for the feeling of crypto investors long term.
Read about the performance of other cryptocurrencies HERE
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