• Digital asset investment products saw inflows totaling $29 million last week, with Bitcoin investment products accounting for most of the inflow.
• The recent U.S. inflation data might have influenced the sudden growth in investments from Canadian investors.
• Bitcoin registered its largest weekly inflow since March, representing 93% of all total inflows recorded.

Digital Asset Investment Products Record Inflows

Digital asset investment products saw inflows totaling $29 million last week, with Bitcoin [BTC] investment products accounting for most of the inflows at $27 million. This marked a reversal from the previous three weeks when digital asset investment products saw outflows totaling $135 million and brought Bitcoin’s year-to-date inflows to $456 million, with an asset under management (AuM) value of $24.43 billion.

U.S Inflation Data Influences Investments

According to CoinShares, last week’s inflows might be due to the recent U.S inflation data which was 3.2%, slightly below what was expected in July 2023. Regionally, most of “the activity was in Canada” contributing a total inflow of $24 million in the week under review coinciding with a period when Ethereum’s [ETH] Coinbase Premium Index (CPI) slipped into negative territory.

Bitcoin Dominates Total Inflows

In the previous week BTC recorded its largest weekly outflows since March but tides turned last week as it registered inflows that totaled $27 million representing 93% of all total inflows recorded according to Coinshares report .

Institutional Investors Shun Altcoins

CryptoQuant’s pseudonymous analyst ‘Greatest Trader’ found that institutional investors in the U.S have begun to shun leading altcoins suggesting that sentiment for Bitcoin and broader crypto market remains supportive despite seasonally low volumes .

Positive Sentiment Returns To Crypto Market

The return of positive sentiment in crypto markets has caused an increase in investments into digital assets as investors seek out new opportunities amongst declining traditional markets .