Bitcoin Investment Products Attract Over $1 Billion Inflows
Investment products focusing on Bitcoin have received over $1 billion of inflows in the past despite recent price rises. According to CoinShares’ Digital Asset Fund Flows report, the total assets under management for these products soared to $59 billion, the highest they’ve been at since early 2022.
Spot Bitcoin ETFs Attract Inflows
The report indicates that the newly issued spot Bitcoin exchange-traded funds in the US have seen a net $1.1 billion of inflows last week, bringing their total since their launch to $2.8 billion. This has been a key factor in boosting the cryptocurrency’s total inflows.
ETH and Cardano Investments See Inflows
Investment products offering exposure to Ethereum and Cardano have also seen significant inflows, with $16 million of inflows for ETH products and $6 million for Cardano-focused products. Other investments, such as Avalanche, Polygon, and TRON products, also saw between $500,000 and $400,000 of inflows.
Ethereum’s Inflows Ahead of Network Upgrade
Ethereum’s inflows come ahead of the launch of the network’s Dencun upgrade, aiming to reduce transaction costs on layer-2 networks. This upgrade will introduce proto-danksharding and blobs, in a move that has spurred investor interest in ETH products.
Cardano Leading in Development Activity
Cardano has been outshining digital assets in terms of cryptocurrency development activity, even outperforming BTC and ETH. Polkadot and its public pre-production environment, Kusama, came in second and third place respectively, while Optimism is ranking ahead of other major digital assets. Santiment’s data has revealed these rankings based on “events” on GitHub repositories. Unlike other measures, its metric focuses on “events” rather than the total number of commits, each encompassing various actions taken on GitHub repositories.
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