Crypto Assets See Weekly Inflows of $87M
CoinShares reported that crypto asset investment products saw inflows of $87 million in the past week. The report found that the year-to-date crypto inflows surpassed the $500M mark with positive flows for the week ending May 27.
Bitcoin records positive flows
On the asset-specific front, now Bitcoin saw inflows of $69 million, bringing year-to-date inflows to $369 million. This comes soon after a heavy outflow of close to $154 million in the previous week for the top-traded cryptocurrency
Given Bitcoin’s seven-day low stands under $28,500. That said, as Bitcoin slid under the crucial level of $30,000 on several occasions, the total assets under management (AuM) are now at their lowest point since July 2021, the report highlighted.
However, Bitcoin has now risen almost 8% in the last 24 hours on CoinGecko, surpassing the price level of $31,700. But despite the recent recovery, crypto analyst CryptoCapo noted opined it is not sustainable in the short run of one to three months.
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