Felix Pinkston
Jul 15, 2024 09:52
Digital asset investment products witnessed the 5th largest weekly inflows on record, reaching $1.44 billion, according to CoinShares.
Digital asset investment products have recorded significant inflows, marking the fifth largest weekly inflows 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) was at the forefront, with inflows amounting to $1.35 billion, making it the fifth-largest weekly inflow on record for the cryptocurrency. Conversely, short-bitcoin products experienced significant outflows, the largest since April, totaling $8.6 million. This trend is attributed to price weakness due to the German Government’s bitcoin sales and a shift in sentiment following lower-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 imminent approval of a spot-based ETF in the United States.
Regional and Altcoin Insights
Regionally, the United States led with $1.3 billion in inflows for the week. Noteworthy contributions also came from Switzerland, Hong Kong, and Canada, with inflows of $58 million, $55 million, and $24 million respectively. Switzerland’s inflows marked 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 a broad interest in diverse 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 yet optimistic approach among investors towards digital assets.
For further details on the report, visit CoinShares.
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