The six-week streak of net inflows for digital asset funds came to an end last week, as investors took advantage of recent crypto rally and cashed out for profits. According to the report presented by CoinShares, digital asset funds recorded a total outflow of $30 million, most of which was seen in Bitcoin related funds. Last week's outflow has been predominantly felt in the US and Canada, which together accounted for $53 million withdrawal from Bitcoin-based investments. On the other hand, Germany registered $29 million in inflows for digital asset funds, offering some respite.

Ethereum investment saw a positive change of sentiment this week, as investors have newly gained confidence in the world's second-biggest cryptocurrency after the completion of the Shapella upgrade. It is interesting to note that the majority of Ethereum inflows came from Europe. Short-bitcoin investment funds also reported minor inflows last week.

The latest crypto rally has possibly been the biggest trigger for the ending of the inflow streak, when Bitcoin's price surpassed the psychological level of $30,000 for the first time in 10 months. As investors speculated the end of the rate-hiking cycle of the US Federal Reserve and other central banks, the positive sentiment for digital assets was restored. Analysts at Standard Chartered believe that the consequences of the rate hike cycle ending are going to be so far-reaching, that it could force the price of Bitcoin to a whopping $100,000 by 2024.



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