Investments in digital assets surge, reaching highest point since early 2022
Investments in digital assets have surged by $1.1 billion, bringing the year-to-date total to $2.7 billion. The recent market recovery and subsequent price hikes have resulted in the total assets under management (AuM) reaching their highest point since early 2022, totaling $59 billion.
Bitcoin dominates with nearly 98% of weekly inflows
According to Coinshares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin dominated with nearly 98% of the inflows over the past week, raking in $1.09 billion. Ethereum and Cardano also benefited, attracting $16 million and $6 million, respectively.
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Minor inflows observed in Avalanche, Polygon, and Tron
Avalanche, Polygon, and Tron experienced minor inflows, amassing $0.5 million, $0.4 million, and $0.4 million, respectively. Solana-focused digital asset products only attracted $0.1 million, while XRP settled at $0.3 million during the same period.
Outflows from Uniswap and Short-Bitcoin; blockchain equities see mixed results
Uniswap and Short-Bitcoin experienced minor outflows, totaling $0.5 million and $0.4 million, respectively. While blockchain equities overall saw outflows, these were primarily due to one issuer experiencing $67 million in outflows while all others collectively received inflows totaling $19 million.
Newly issued Bitcoin ETFs in the United States gain traction
The focus remained primarily on newly issued spot-based Bitcoin ETFs in the United States, which garnered a net inflow of $1.1 billion last week, reaching $2.8 billion since their January 11th launch. Outflows from other regions have decreased, with minor outflows from Canada and Germany totaling $17 million and $10 million, respectively. Switzerland, however, saw inflows of $35 million last week.
Potential sale of Genesis holdings could lead to further outflows
While outflows from existing investments have slowed, the potential sale of Genesis holdings worth $1.6 billion could lead to further outflows in the coming months, speculates the asset manager.
