Market slightly revives as crypto fund inflows recover to $19M

The cryptocurrency market for the week ending January 28 saw inflows exceeding for the second straight week as investors leverage the current low prices, according to CoinShares digital asset fund flows weekly report. It noted:

“Digital asset investment products saw inflows for a second week totalling US$19m last week, while small, it continues to suggest investors are beginning to cautiously add to positions at these depressed price levels.”

Out of the total, Bitcoin recorded $22 million in inflows. The largest crypto by market capitalization recently recovered to $38,000 level after dropping to as low as $33,000 in the first month of 2022. At the time of publication, Bitcoin was trading at $38,331.51 with a 24-hour price change of +3.64%.

Meanwhile, Ethereum has fallen 27% since the beginning of the year to around $2,700. It was trading at $2,741.04 at press time, up by 9% from the previous day. The recovery is slow, resulting in the largest altcoin to record outflows for the eighth consecutive week. For the week ending Jan 28, Ethereum surpassed outflows worth $27 million.

Altcoins Solana, Polkadot, and Cardano recorded outflows of $2.3 million, $5.3 million, and $400,000, respectively.