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Institutional investors have been betting on a cryptocurrency market recovery, with digital asset investment products seeing $27 million in inflows last week, and $343 million the prior week. Their bets have been focusing on Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA) and Solana ($SOL).
According to CoinShares’ Digital Asset Fund Flows report, the prior week marked the largest single week of inflows since November 2021, and brought month-to-date inflows to $394 million, with total assets under management rising back to early June 2022 levels of $30 billion.
CionShares’ report details the majority of inflows came from Switzerland this past week, with $16 million being invested from the country, with the prior week seeing $356 million of inflows from it. Minor inflows were seen over the same period from both the United States and Germany.
The report details that Bitcoin saw inflows of $16 million over the past week, with the prior week seeing corrected inflows of $206 million, the largest single week of inflows for the flagship cryptocurrency since May 2022.
Ethereum, the second-largest cryptocurrency by market capitalization, saw inflows totaling $120 million in the prior week and $8 million this past week, bringing its total month-to-date inflows to $137 million, while its year-to-date flows are down $315.8 million.
Commenting on Ethereum’s inflows, the report notes:
These inflows mark the largest single week of inflows since June 2021 and imply a turning point in sentiment after a recent 11-week run of outflows. It also suggests that as The Merge progresses to completion, investor confidence is slowly recovering.
While CoinShares did not reveal corrected data for the prior week when it comes to Cardano and Solana, SOL saw inflows of $1.8 million this past week, while investment products focusing on Cardano’s ADA saw inflows of $1.4 million. Year-to-date, Solana-based products have seen flows of $112.6 million, while ADA products have seen $13.3 million of inflows.
Year-to-date, cryptocurrency investment products have seen inflows of $415 million, with $393.5 million coming in this month.
As CryptoGlobe recently reported, U.S. stocks futures and cryptocurrencies are in the red partly as the result of retail giant Walmart Inc. (NYSE: WMT) lowered its forecast for FY2023 Q2 earnings (expected to be released on 16 August 2022).
The company said that it’s expecting its “operating income for the second-quarter and full-year is expected to decline 13 to 14% and 11 to 13%, respectively” while its adjusted earnings per share for the same period are expected to “ around 8 to 9% and 11 to 13%, respectively.