Digital Asset Investment Products Experience Sixth Consecutive Week of Inflows
According to the latest Digital Asset Fund Flows Weekly Report by CoinShares, digital asset investment products have seen a weekly inflow of funds for the sixth consecutive week. These products attracted a total of $261 million in inflows, bringing the total inflows over the past six weeks to $767 million.
Bitcoin Leads in Weekly Inflows
Among all digital assets, Bitcoin recorded the highest inflows, totaling $229 million. This brings the total inflows for Bitcoin in 2023 to $842 million. The rising inflows, coupled with speculation about the approval of a spot ETF for Bitcoin, could potentially lead to further growth and increased interest from traders and investors.
Ethereum Sees Largest Inflows Since August 2022
Ethereum also experienced significant inflows, reaching $17.5 million, the largest since August 2022. Despite starting the year with outflows totaling $107 million, Ethereum has rebounded and attracted substantial investor interest. Currently trading at $1,899.06, Ethereum’s market cap stands at $228.30 billion.
Other Altcoins Attract Inflows
In addition to Bitcoin and Ethereum, other altcoins such as Solana saw inflows of $11 million, while Chainlink witnessed inflows of $2 million. These altcoins accounted for 17% of total assets under management. Polygon and Cardano also received inflows of $0.8 million and $0.5 million, respectively.
Investments from U.S., Switzerland, and Canada Drive Gains
The data from CoinShares shows that major gains in investments came from investors in the U.S., Switzerland, and Canada.
Hot Take: Continued Inflows Reflect Bullish Sentiments in the Crypto Market
The ongoing inflows into digital asset investment products demonstrate the sustained bullish sentiments in the crypto trade market. With Bitcoin leading the way and Ethereum rebounding, investors are showing increased confidence in these digital assets. The potential approval of a spot ETF for Bitcoin could further fuel growth and attract more traders and investors. Overall, the outlook for the crypto market remains positive as inflows continue to rise.
By
By
By
By
By