Last week, digital asset investment products saw inflows amounting to $95 million. According to the weekly report from CoinShares, investors likely viewed the recent crypto regulatory restrictions imposed by China as a buying opportunity.
This puts the total value over the past six straight weeks of inflows at $320 million. Total inflows for 2021 so far have amounted to $6 billion.
Investments in bitcoin led the way with inflows of $50.2 million, which has been somewhat uncharacteristic of late. In the past two quarters, bitcoin bore the brunt of negative investor sentiment. Additionally, last week’s inflows were just the fourth week of inflows out of the last 17. However, inflows into bitcoin have remained robust overall totaling at $4.3 billion.
In its latest research note, Blockchain data provider Glassnode pointed to the “relatively low utilization” of the bitcoin block-space,” which could either be a bearish and bullish signal. It added that current bitcoin has only been seeing 175,000-200,000 transactions per day, “which are similar to levels seen in the 2018 bear market.”