Crypto asset funds saw total inflows of US$30mln in the last week, according to data published by CoinShares.
Bitcoin saw US$19mln of inflows, bringing the month-to-date (MTD) total up to US$221.5mln.
Worth noting is that inflows into ProShares’ Short Bitcoin fund — a vehicle betting against the price of Bitcoin — fell from US$15.8mln in the week prior to US$600,000 this week, signalling a reduced appetite for bearish positions.
Ethereum funds netted inflow of US$8.1mln, bringing MTD totals up to US$137.mln.
Few other digital assets posted any significant inflows last week, although Solana netted US$1.8mln while Cardano netted US$1.4mln.
Multi-asset funds fell out of favour this week — Source: CoinShares via Bloomberg
Across the whole funds landscape, weekly inflows of US$29.6mln brought the MTD total up to US$393.5mln, although this was offset by US$27.3mln going into Short Bitcoin positions.
This is a considerable uptick compared to net outflows of -US$523.4mln in the prior month.
Due to favourable tax laws, Switzerland remains by far the most popular jurisdiction for digital asset funds, accounting for 87% of all inflows, followed by the US with 10%.
Total assets under management across all digital asset funds currently stands at US$30.3bln.
When long Bitcoin?
Investors remain vexed by the Securities Exchange Commission (SEC)’s refusal to allow Bitcoin spot exchange-traded funds (ETFs), while simultaneously giving the nod to Short Bitcoin vehicles.
Meanwhile in Europe, the first continental Bitcoin spot ETF was approved on the Euronext Amsterdam market.
The Jacobi Bitcoin ETF will be launched in August by Jacobi Asset Management under the BCOIN ticker, giving traders on the traditional markets price exposure to Bitcoin for the first time.
Jacobi Asset Management has welcomed former BlackRock managing director Martin Bednall as the new chief executive officer, who brings considerable experience in the ETF space as director of FinEx Capital Management.
BlackRock itself launched its own iShares Blockchain and Tech ETF in April on the New York Stock Exchange.
While not exposed to digital assets directly, the fund tracks the price of crypto-exposed public companies including Bitcoin miners Riot Blockchain and Marathon, centralised exchanges Coinbase and Robinhood, and blue-chip companies Nvidia and IBM.