The bulls are gradually staging a comeback in the markets following the gloomy days of June. As the bullish momentum persists, recent data has revealed an outstanding record witnessed last month. July saw the most significant volume of flows into digital asset investment products recorded this year.
According to data from digital assets investing firm CoinShares, as revealed in its Weekly Crypto Asset Flows report on August 1, the month of July saw a total inflow of $474M, making it the largest recorded so far in 2022. Some minor outflows were also recorded.
Conversely, the month of June saw outflows with a total value of $481M. This was influenced by the bleak days brought on by the bear market, with assets plummeting to record lows. The July inflows of $474M almost make up for the discouraging market situations witnessed in June.
In the last week of July, inflows totalling $81M were seen – this would mark the fifth consecutive week in which the crypto community would be witnessing aggregate inflows into digital asset investment products, following periodic outflows in the weeks leading to July.
In terms of asset flows, Bitcoin (BTC) saw the highest inflows in July, totalling $306M. The last week of July saw inflows to BTC at an aggregate value of $84.8M. The king altcoin, Ethereum (ETH), ranks second, with a total monthly inflow of $137.9M. However, ETH is still suffering a total outflow of $314.9M in the past year, while BTC has seen inflows of $326.1M in the same period.
In terms of investment product providers, Purpose Investments recorded the highest inflows from a single provider last month and last week, totalling $61.5M and $60.3M, respectively. Out of the providers listed, only CoinShares XBT and 3iQ saw outflows last month, with values of $10.2M and $18.7M, respectively.
The momentum of last month appears to have sieved into the new month, but the markets are currently experiencing a slight downward retracement.
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