CNSRF - Crypto funds post inflows for fourth straight week CoinShares says

2023-04-17 12:52:46 ET

The recent rise in cryptocurrency prices continued to bolster sentiment as digital asset investment products booked their fourth consecutive week of inflows, according to CoinShares ( OTCQX:CNSRF ) data published Monday.

For the week ended April 14, inflows totaled $114M, with bitcoin ( BTC-USD )-related products accounting for 91% of the total as the token, which started the week exceeding the $30K mark for the first time since last June, continued to serve as the sole focus for investors.

That brought the four-week run of inflows to $345M, CoinShares noted, contending "we believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges."

Even so, short-bitcoin ( BTC-USD ) products saw inflows of $14.6M last week, signaling a divide in investors' opinion.

And even after ethereum's ( ETH-USD ) successful Shapella software upgrade, in a move that helped buoy the price to an eight-month high , only $0.3M of inflows were experienced, the report said .

See why SA contributors Logan Kane and The Digital Trend each laid out a Hold thesis for bitcoin.

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