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Weekly inflows into digital asset investment products were strong for the third consecutive week, with $136 million entering the market.

Total inflows into institutional crypto investment products for the past three weeks have reached $470 million, fully offsetting the previous nine weeks of outflows, and resulting in a net positive inflow of $231 million for the year, according to CoinShares’ latest report.

Weekly crypto asset flows. Image: CoinShares.

The turnaround in fortunes coincides with the renewed race for a spot bitcoin ETF, kicked off by BlackRock’s filing on June 15.

However, trading volumes slowed to $1 billion for the last week, compared to an average of $2.5 billion in the previous two weeks, which may be due to seasonal effects, CoinShares said.

Bitcoin remains the preferred choice among investors, attracting 98% ($133 million) of inflows last week. Ethereum witnessed inflows of $2.9 million over the same period and remains in a negative net flows position for the year, with outflows of $63 million.

Altcoins including Solana, XRP, Polygon, Litecoin and Aave attracted inflows. Cosmos and Cardano saw minor outflows.

Meanwhile, blockchain equities gained the largest inflows in a year at $15 million.

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