Digital asset investment products snapped a five-week outflow streak with $1 billion in inflows last week, according to CoinShares. Bitcoin accounted for $881 million of the total, while Ethereum attracted $117 million. The previous five weeks had seen $4 billion in cumulative outflows.
Despite the weekly turnaround, both Bitcoin and Ethereum remain in net outflow territory on a year-to-date basis. CoinShares noted that client discussions have “almost entirely focused on identifying entry points rather than reducing exposure to the asset class,” signaling a shift from panic to accumulation.
Solana, XRP See Inflows as Altcoin Appetite Grows
Investors did not limit themselves to the top two coins. Solana drew $53.8 million last week, bringing its 2023 total to $156 million. Chainlink pulled in $3.4 million, and XRP also saw positive flows. Multi-asset products, however, continued to bleed, indicating a preference for single-asset exposure over diversified baskets.
U.S. Dominates with $957M but Still Negative YTD
Geographically, the United States led with $957 million in inflows, yet its year-to-date figure remains negative. Germany and Switzerland posted strong month-to-date and year-to-date returns, while Sweden experienced consistent outflows. Canada and Brazil recorded steady inflows. CoinShares attributed sentiment to past weakness, technical levels, and Bitcoin whale buying.
iShares Tops Provider Chart, Fidelity Still in Red YTD
Among asset managers, iShares led with $490 million in weekly inflows, followed by Grayscale at $207 million and Bitwise at $99 million. However, both iShares and Fidelity remain in the red on a year-to-date basis, reflecting earlier selling pressure. Smaller providers and the “Other” category posted strong cumulative inflows, suggesting capital is shifting toward niche products that may offer better risk-adjusted returns.
CoinShares concluded: “Recent client discussions have been almost entirely focused on identifying entry points rather than reducing exposure to the asset class.” The remark suggests short-term confidence is rebuilding, even as cautious undertones persist.