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CoinShares published a report on July 10 showing that positive digital asset inflows for the third consecutive week have completely reversed the previous nine-week exit in the market.
BTC Dominates!
This week’s inflows were recorded at 136 million dollars. Bitcoin (BTC) funds maintained their dominance with 98% of the inflows coming into BTC. The remaining 2% primarily consisted of Ethereum (ETH), multi-asset tokens, and a few altcoins. After nine weeks of digital asset outflows exceeding inflows, the third consecutive week of positive movement brought the total for the current series to 470 million dollars.
According to CoinShares, this total fully reverses the previous exit series. Bitcoin inflows did not slow down last week after hitting their highest levels in the previous two years. Based on the data, last week’s BTC inflow was 123 million dollars. This week, an additional 10 million dollars brought the two-week inflow solely for BTC to 256 million dollars.
This situation continues to maintain Bitcoin’s dominance in the crypto market by increasing its total market share from 51.46% last week to the reported 51.66% as of July 11. Another good news for hodlers is that the Blockchain stock entries reached 15 million dollars, the highest level of the year. According to CoinShares, this doubled last week’s 6.8 million dollars and marked a nine-week series of exits.
Seasonal Cycle in Cryptocurrencies!
However, there may be a sign of balance on the horizon as overall liquidity seems to have decreased. The report suggests that trading volume has reached a “seasonal low,” emulating the cycles in previous years that saw low liquidity in July and August. Despite the ongoing positive news about inflows, some investors may be uncomfortable with the absence of a clear trend.
The positive sentiment created by the expectation that one or more companies will eventually get the authority from the U.S. government to offer BTC as a spot exchange-traded fund may be dwindling as the process drags on. The ongoing lawsuit by the U.S. Securities and Exchange Commission against Binance and Coinbase continues without a clear indication of how the courts will rule, contributing to an atmosphere of uncertainty.
