Crypto asset funds saw total inflows of US$81.1mln in the last week, according to data published by CoinShares, making for a 170% uptick from the previous week.
Bitcoin saw US$84.8mln of inflows, bringing the month-to-date (MTD) total up to US$306.3mln.
For the first time in five weeks, ProShares’ Short Bitcoin fund — a vehicle betting against the price of Bitcoin — saw net outflows of US$2.6mln.
This is a good sign that bearish investor sentiment for Bitcoin has definitely reversed.
Ethereum funds, however, saw a substantial 86% decline to US$1.1mln from US$8.1mln the week prior; its MTD total currently stands at US$137.9mln.
Multi-asset funds continued to witness outflows, this week for a total of US3.7mln, while also Cardano saw outflows of US$700,000.
According to CoinShares, the lack of interest in multi-asset funds suggests that “investors are becoming more targeted in their investments”.
Total assets under management across all digital asset funds currently stands at US$32.5bn.
The majority of inflows in the last weekly period came from Canada, followed by the US and Germany.
Bye Pricewaterhouse, hello Dubai
PricewaterhouseCoopers’ former global head of crypto Henri Arslanian has left his role at the Big Four in search of riches in the middle east.
Speaking with the Financial Times, Arslanian explained that he intends to establish digital asset fund Nine Blocks Capital Management in the Gulf city-state following a provisional regulatory approval.
The fund will receive US$75mln from its chief backer and main shareholder Nine Masts Capital, a Hong Kong-based hedge fund.
Dubai has been pushing to make the city a global crypto leader, having recently announced plans to create 40,000 metaverse-related jobs in the next five years.