Digital assets see inflows of USD492m in past week
Digital asset investment products saw inflows totalling USD492 million last week, according to the latest data released by CoinShares.
Although, breaching both the USD50k bitcoin price and a market capitalisation of USD1 trillion has led to minor profit-taking, as witnessed before when significant psychological milestones have been reached.
The recent price rises in digital assets has led to total investment products under management rising to a record USD52.6 billion, with four products now being above the USD1 billion mark.
Inflows this week focussed on Bitcoin with USD412m while both ethereum and polkadot saw continued inflows of USD47m and USD6m respectively.
This year, the inverse relationship between the US dollar (USD) and bitcoin has been tested, as recent better than expected US economic data has led to more USD resilience. We believe the ongoing demand for bitcoin from corporates and investors has helped support prices despite USD strength.