Global crypto funds see $474 million inflows in July: Report

livemint.com:

Despite choppy crypto markets, global digital asset funds logged net inflows totalling $474 million during July (till 29 July), highest this year, according to a report by digital asset manager CoinShares. 

Crypto funds almost recovered all of the June month outflows, which totalled $481 million. 

Despite a more bullish mood in digital assets, trading activity remained very low, with last week’s volumes totalling $1.3 billion compared to this years weekly average of $2.4 billion. 

Still, July was a decent month for crypto assets, as bitcoin recovered by around 15% during the month and ethereum rose around 50%. 

According to CoinShares, crypto funds saw inflows totalling $81 million last week, signifying the fifth consecutive week of inflows totalling $0.53 billion, or 1.6% of total assets under management (AUM). 

Regionally, the majority of inflows were from North America with inflows from both the US and Canada totalling $15m and $67 million, respectively. Brazil and Sweden both saw minor outflows. 

Bitcoin saw inflows totalling $85 million last week while short-bitcoin (a bet that the price will continue to fall) saw outflows totalling $2.6 million, the first week of outflows after the recent bear market saw a five-week run of inflows. 

Multi-asset investment products, unusually, saw outflows for the second consecutive week totalling $3.7 million, suggesting investors are becoming more targeted in their investment. 

Solana saw minor inflows totalling $1.5 million, remaining the investor favourite for this year with year-to-date inflows totalling $114 million. Polkadot also saw inflows totalling $0.4 million last week. 

In terms of individual crypto fund providers, the world’s biggest digital asset manager, Grayscale