Cryptocurrency investment products saw inflows worth close to $30 million last week, the majority of which came from Switzerland.
What Happened: According to data from CoinShares, Bitcoin (CRYPTO: BTC) saw $19 million worth of inflows and Ethereum (CRYPTO: ETH) saw $8.1 million worth of inflows for the week ended July 24.
Late trade reporting from the week prior shows that ETH saw $120 million inflows, the largest weekly inflows in over a year. The renewed investor optimism came as ETH surged to a high of $1,654 last week.
“These inflows mark the largest single week of inflows since June 2021 and imply a turning point in sentiment after a recent 11-week run of outflows,” stated CoinShares.
“It also suggests that as The Merge progresses to completion, investor confidence is slowly recovering.”
See Also: WHAT IS THE ETHEREUM MERGE?
Altcoins like Solana (CRYPTO: SOL) and Cardano (CRYPTO: ADA) recorded moderate inflows of $1.8 million and $1.4 million respectively, while multi-asset crypto funds saw $2.3 million in outflows.
The majority of inflows originated from Switzerland which accounted for $16 million inflows last week. The region saw $356 million worth of cryptocurrency inflows in the week prior.
Price Action: According to data from Benzinga Pro, at press time, BTC was trading at $21,194, up 0.41% over the last 24 hours. ETH was trading at $1,435, up 0.82% over the same period.
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