Bitcoin continues to dominate as week three fund inflows correct previous months’ outflows

According to a CoinShares report published on July 10, a third straight week of positive digital asset inflows has completely corrected outflows from nine weeks earlier for the market.

This week’s inflows totaled $136 million. Bitcoin (BTC) funds continued their trend of holding the anchor position, with 98% of inflows going into BTC. The other 2% was mostly ether (ETH), multi-asset holdings, and a handful of altcoins.

Fund flows for the week ended 7 July. Source: CoinShares

After nine weeks of digital asset outflows exceeding inflows, this third consecutive positive week brings the total for the current series to $470 million. According to CoinShares, this total completely corrects the previous runoff series.

Bitcoin inflows showed no sign of slowing down this past week after hitting year-to-date highs the previous two weeks. As Cointelegraph previously reported, BTC inflows totaled $123 million last week. This week adds $10 million, bringing the two-week inflow to $256 million for BTC alone.

This continues Bitcoin’s dominance of the crypto market, taking the total market cap from 51.46% last week to a reported 51.66% share on July 11.

Another piece of good news for Hodler is that inflows into blockchain stocks hit an annual high of $15 million. That more than doubled from last week’s $6.8 million, according to CoinShares, sparking a nine-week run of drains.

However, some balance may be emerging as overall liquidity appears to have fallen. According to the report, trading volume has reached a “seasonal low,” mimicking the cycles of previous years, which saw low liquidity in July and August.

Related: Bitcoin supply shock will push BTC price to $120,000 – Standard Chartered

Despite the continued positive news on inflows, the lack of a clear trend seems to make some investors nervous.

The upbeat sentiment created by expectations that one or more companies would finally receive U.S. government approval to offer BTC as a spot exchange-traded fund may wane as the process progresses.

A touch of uncertainty also remains as the ongoing US Securities and Exchange Commission litigation against Binance and Coinbase continues and there is no clear indication of how the courts will rule.

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