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Seeking Alpha 2023-02-06 17:01:15

Crypto investment products log fourth straight week of inflows- report

The start of 2023 has seen a "decisive change in investor sentiment" towards cryptocurrencies, as digital asset investment products experienced inflows for the fourth consecutive week, CoinShares reported Monday. The inflows, totaling $76M for the week ended Feb. 3, was dominated by bitcoin ( BTC-USD ) with inflows accounting for 90% of the total. At the same time, short-bitcoin ( BTC-USD ) products products garnered $8.2M of inflows, "highlighting opinion remains divided over the sustainability of this rally," the report pointed out. Ethereum ( ETH-USD ), though, saw just 0.7M of inflows for the week "despite the improving clarity around unstaking." Minor inflows were also logged in solana ( SOL-USD ) ($0.5M), cardano ( ADA-USD ) ($0.6M) and polygon ( MATIC-USD ) ($0.3M) Helped by the Federal Reserve's second straight downshift in its interest-rate increases and its simultaneous acknowledgement on progress being made on lowering inflation, the price of bitcoin ( BTC-USD ), ether ( ETH-USD ) and other major tokens posted gains last week, as seen in this chart . See why Seeking Alpha contributor Trade Theory believes bitcoin ( BTC-USD ) is "heavily undervalued."

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