Bitcoin and crypto had a good July
The cryptocurrency industry showed signs of renewed strength in July, with Bitcoin having its strongest month since October last year, and digital asset funds recording the biggest capital inflows all year
The inflow of capital into digital assets coincided with a more bullish sentiment in the general stock market
Digital asset funds revealed five consecutive weeks of capital inflows in July, almost correcting the outflows of the previous month
It’s been a tough year for cryptocurrencies, but July indicated flickers of positive investor sentiment. Data by CoinShares shows that digital asset funds last month saw its strongest inflow of investment all year.
Investors put $474 million into these funds in July, almost completely reversing June’s outflows of $481 million.
The price of Bitcoin, the leading cryptocurrency by market capitalisation, rose 16% last month, before investors retracted somewhat at the beginning of August.
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