Institutions opted to buy back into crypto throughout July, according to leading digital assets manager CoinShares.
Digital asset investment products witnessed a total of $474 million worth of inflows throughout July, the highest total of any month in 2022, per CoinShare’s latest Fund Flows Weekly report.
The monthly total almost matched June’s $484 million worth of outflows, with the last week of July witnessing $81 million worth of inflows, a fifth consecutive week of inflows.
Nearly $85 million flowed into Bitcoin (BTC) investment products last week, bringing the top crypto asset’s total inflows to $306.3 million in July and $326.1 million in 2022.
Ethereum (ETH) investment products witnessed only $1.1 million in inflows last week, bringing ETH’s monthly total to $137.9 million. Ethereum investment products, however, still have $314.9 million worth of outflows in 2022.
Solana (SOL) investment products were more favored among investors, with $1.5 million worth of inflows last week. SOL remains the favorite investment product among all altcoins, with $114 million worth of inflows in 2022.
However, it’s not all bullish metrics, according to CoinShares.
“Despite a more bullish mood in digital assets, trading activity remains very low, with last week’s volumes totaling $1.3 billion compared to this year’s weekly average of $2.4 billion.”
BTC is trading at $22,816 at time of writing. The top-ranked crypto asset by market cap is down nearly 2% in the past 24 hours.
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The post Institutions Turned Bullish on Crypto in July with 2022’s Strongest Inflows of $474,000,000: CoinShares appeared first on The Daily Hodl.
