Crypto funds amounted to 474 million dollars in July
Analytical company CoinShares has published statistics for July on the inflow of money into cryptocurrency funds. We’ll tell you how exactly the situation in the market changed last month, based on the data of the cryptocurrency research center.
The latest CoinShares report shows that institutional cryptocurrency funds had $474 million in inflows as of July. A research group representative notes that the number of revenues was the highest since the beginning of 2022.
The positive statistics helped offset the $481 million capital outflow observed at the beginning of the summer. Although macroeconomic trends are not conducive to strengthening digital assets, it is expected to strengthen in August.
Last week, net investments in crypto amounted to $81 million. The inflow marked the fifth consecutive week and reached $0.53 billion, or 1.6% of total assets, despite signs of crypto winter at the end of the second quarter of this year.
Last week also brought an inflow of investments in Bitcoin. It reached $85 million. At the same time, short BTC outflows were at $2.6 million, but they were the first after continuous five weeks of inflows.
Solana also recorded a slight increase at the $1.5 million level. SOL cryptocurrency is a favorite for many investors this year, so inflows from January to July totaled $114 million. A CoinShares analyst writes:
“Multi-asset investments demonstrated $3.7 million outflows in the last two weeks. This is uncharacteristic of the market and indicates that investors have become more focused on their choices.”
James Butterfill also reports that one must remain vigilant and remember that overall trading activity is low. At the end of July, trading volume in digital currencies was at $1.3 billion. Recall that the 2022 weekly average is $2.4 billion.
August is likely to be volatile for cryptocurrencies. Note that altcoins showed an upward trend in July amid optimism due to The Merge update. Bitcoin rose more than 18% last month.
