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Institutional investors chose to buy back cryptocurrencies during July, according to leading digital asset manager CoinShares.
According to CoinShare’s latest Fund Flows Weekly, digital asset investment products witnessed a total of $474 million worth of inflows for the entire month of July, the highest total for any month in 2022. report.
Monthly totals were broadly in line with June’s outflow of $484 million worth, followed by $81 million worth of inflows in the final week of July, marking the fifth consecutive week of inflows.
Nearly $85 million flowed into Bitcoin (BTC) investment products last week, bringing total inflows of top crypto assets to $306.3 million in July and $326.1 million in 2022. .
The Ethereum (ETH) investment product saw only $1.1 million inflows last week, bringing ETH’s monthly total to $137.9 million. However, Ethereum investment products still see $314.9 million worth of outflows in 2022.
Solana (SOL) investment products are more popular among investors, with $1.5 million worth of inflows last week. SOL continues to be a popular investment product among all altcoins, with an inflow worth $114 million in 2022.
However, according to CoinShares, not all indicators are bullish.
Despite the bullish mood for digital assets, trading activity remains very low, with trading volumes totaling $1.3 billion last week and a weekly average of $2.4 billion this year.
BTC is trading at $22,816 at the time of writing. The top-ranked crypto asset by market capitalization is down nearly 2% in the last 24 hours.
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