According to the most recent data from cryptocurrency research and investing firm CoinShares, Bitcoin (BTC) once again stood out as the top investment target for traditional fund investors last week.
The research states that investments in cryptocurrency-backed investment funds totaled $137 million for the week, with 99% of that amount going to funds backed by Bitcoin.
Four weeks in a row of inflows
According to CoinShares, this past week was the fourth in a row that crypto funds saw inflows. The past four weeks have seen a net inflow of $742 million into crypto-backed investment funds, which is the “largest run of inflows since the final quarter of 2021.”
Bitcoin shines once more
Notably, the highest inflows were seen in Bitcoin, the top cryptocurrency by market value, with $139.8 entering Bitcoin funds.
The highest outflows were observed at the same time from short-Bitcoin funds, or funds whose value increases as the price of BTC decreases. The information shows that short Bitcoin funds lost $3.2 million for the week, adding to investor bullishness towards BTC.
The only other fund category that experienced withdrawals last week was Ethereum (ETH) funds, which saw a net loss of $1.6 million.
Cryptocurrencies, minor adjustments
Moving on to the various cryptocurrency funds, the report’s one noteworthy finding is how minor the adjustments are.
Except for ETH, which experienced marginally significant withdrawals, all other altcoin funds received small inflows of between $100k and $600k.
The highest inflows, with $600k added, went to funds backed by a collection of cryptocurrencies, as has frequently been the case.
The next most popular categories witnessed inflows of $500k for the week in funds backed by Solana’s native SOL token and Polygon’s MATIC.
Last but not least, despite the good news for Ripple that came from a court decision on Thursday last week, funds backed by the XRP coin from the company only received $100k added to them.
