Digital Asset Funds Record $261 Million in Inflows, Marking Gains for the Sixth Consecutive Week
Digital asset investment funds have recorded $261 million in inflows over the past six weeks, according to data released by blockchain research firm Coin Metrics on Wednesday.
This marks the sixth consecutive week of sustained growth, which bodes well for the industry. The previous five weeks had also saw positive inflows of $263 million, $245 million, $134 million, $78 million and $74 million respectively.
The total inflows are again up slightly from last week’s $261 million to $262 million, indicating that investor confidence in the sector is still strong.
The latest inflows are being driven by several major institutional investors in the space, such as Grayscale and 3iQ. Grayscale’s Bitcoin Trust has been particularly popular, accounting for almost one-third of the total inflows.
The strong inflows are a strong indication that digital assets are here to stay and institutional investors are beginning to take note. This comes as Bitcoin continues to set new all-time highs, and other large cryptocurrencies, like Ethereum, Cardano, and Dogecoin, remain on bullish trajectories.
The digital asset market is certainly facing its fair share of challenges, however with the latest inflows, the industry looks to be heading in the right direction.