The weekly digital asset funds flows report published by CoinShares showed the sixth straight period of net positive inflows across all asset funds, although the US$3.1mln total was significantly down from over US$81mln in the week prior.
While Bitcoin faced US$8.5mln in outflows, Ethereum enjoyed inflows of over US$16mln.
“We believe this turn-around in investor sentiment is due to greater clarity on the timing of The Merge,” stated CoinShares, referring to the major Ethereum upgrade due in the coming weeks.
The good news for the Bitcoin bulls was that ProShares’ Short Bitcoin fund witnessed the second straight week of net outflows as investors drew $7.5mln from the fund.
Multi-asset funds inched into positive territory with US$1.1mln on inflows for the first time in weeks.
Total assets under management (AUM) across all digital asset funds currently stands at US$32bn.
The majority of inflows in the last weekly period came from CanadThe United States, followed by Germany and Switzerland.
Money managers go large on crypto
In a way, it’s been a landmark couple of weeks for the crypto currency market.
BlackRock (NYSE:BLK), the world’s largest asset manager with some US$10tn AUM, announced plans this week for a spot Bitcoin trust for institutional investors through a partnership with NASDAQ-listed crypto exchange Coinbase (NASDAQ:COIN).
Last week, Charles Schwab (NYSE:NYSE:SCHW), the US broker and investments group, launched an exchange traded fund aimed at giving exposure to companies that are focused on servicing the cryptocurrency markets.
Meanwhile, Edinburgh-based asset manager abrdn today announced a stake acquisition of digital asset exchange Archax.
While the sum was not disclosed, the purchase make abrdn Archax’s the largest external shareholder.