For the first time in more than a month, cryptocurrency funds have seen net positive inflows as prices begin to recover following a big selloff.
Led by spot Bitcoin (BTC) exchange-traded funds (ETFs), crypto funds saw inflows totaling $441 million U.S. in the week ended July 5, according to data from CoinShares.
A week earlier, those same funds saw outflows of $39 million U.S. amid a major downturn in prices that wiped $170 billion U.S. from the global cryptocurrency market.
Bitcoin ETFs saw $400 million U.S. of capital allocated to them over the last week, a sharp turnaround from the previous three weeks that saw cumulative outflows of $1.2 billion U.S.
The reversal comes after Bitcoin’s price fell as low as $54,000 U.S. before rebounding to trade at $57,300 U.S. currently.
Funds backed by the smaller Solana (SOL) crypto saw the second-biggest increase in weekly inflows at $16 million U.S., a 900% improvement from the previous week.
Inflows to Ethereum (ETH) crypto funds totaled $10 million U.S. in the last week as its price rose above $3,000 U.S. after sliding lower since the beginning of June.
Spot Ethereum ETFs are expected to begin trading later in July after receiving regulatory approval at the end of May this year.
The price of Bitcoin, the largest cryptocurrency by market capitalization, has risen 30% on the year.
