CoinShares reported that crypto asset investment products saw inflows of $87 million in the past week even as the market continued to show signs of bearishness.
The report revealed that year-to-date crypto inflows surpassed the $500 million mark with positive flows for the week ending May 27.
However, in the week prior, CoinShares had reported outflows of $141 million amid broader market weakness.
Bitcoin Records Positive Flows
On the asset-specific front, Bitcoin has now seen inflows of $69 million, bringing year-to-date inflows to $369 million. This comes shortly after a strong outflow of nearly $154 million the previous week for the most traded cryptocurrency.
Given Bitcoin’s seven-day low stands under $28,500. That said, as Bitcoin slid under the crucial level of $30,000 on several occasions, the total assets under management (AuM) are now at their lowest point since July 2021, the report highlighted.
However, Bitcoin is now up nearly 8% in the past 24 hours on CoinGecko, surpassing the $31,700 price level. But despite the recent rally, crypto analyst CryptoCapo noted that it was not sustainable in the short term of one to three months.
In addition, Analyst James Butterfill also remarked, “Short Bitcoin saw inflows totaling US$1.8m last week suggesting the market hasn’t completely shrugged off its bearish undertones.”
Ethereum is witnessing negative flows unlike other alts
On the altcoin front, all major assets except Ethereum saw positive flows for the week. While Algorand saw record inflows of $20 million, Ethereum weekly flows were in the red at $11.6 million and saw year-to-date net outflows of $250 million .
However, Hayden Hughes, chief executive of social media trading platform Alpha Impact stated to Bloomberg on Monday, “We’re seeing heavy buying of Ether and several altcoins, and these patterns mirror what we saw in the July 2021 bear market bottom and the January 2022 local bottom.”
Altcoins like Solana and TRON brought inflows of $4.8 million, $1.8 million, and $0.4 million respectively.
Meanwhile, the cumulative crypto market cap stands at $1.37 trillion at the time of press.
