Blockchain
Record inflows highlight digital asset fund trends
Happy PinkstonJul 15, 2024 09:52
According to CoinShares, digital asset investment products saw their fifth-largest weekly inflows on record, reaching $1.44 billion.
Digital asset investment products have seen significant inflows, marking the fifth-largest weekly inflow on record, totaling $1.44 billion, according to CoinShares. These inflows bring the year-to-date (YTD) total to a record $17.8 billion, surpassing the previous high of $10.6 billion set in 2021.
Bitcoin and Ethereum lead inflows
Bitcoin (BTC) led the way, with inflows of $1.35 billion, making it the cryptocurrency’s fifth-largest weekly inflow on record. In contrast, short-bitcoin products saw significant outflows, the largest since April, totaling $8.6 million. This trend is attributed to price weakness due to the German government’s bitcoin sell-off and a change of heart following weaker-than-expected CPI figures in the United States.
Ethereum (ETH) also saw substantial inflows of $72 million last week, the largest since March. This surge is likely driven by anticipation of the upcoming approval of a spot-based ETF in the United States.
Regional & Altcoin Insights
Regionally, the United States led with $1.3 billion in inflows for the week. Notable contributions also came from Switzerland, Hong Kong, and Canada, with inflows of $58 million, $55 million, and $24 million, respectively. Switzerland’s inflows set a record for the year.
Other altcoins also saw positive inflows. Solana (SOL) received $4.4 million, Avalanche (AVAX) $2 million, and Chainlink (LINK) $1.3 million, highlighting broad interest in multiple digital assets.
Despite the significant inflows, volumes remained relatively low at $8.9 billion for the week, compared to the seven-day average of $21 billion for the year. This indicates a cautious but optimistic approach among investors towards digital assets.
For more details on the report, visit Coin Sharing.
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