Investment in Digital Asset Products Continues to Climb
There has been a surge in investment in digital asset products, with inflows hitting $1.35 billion recently, bringing the total to $3.2 billion over the past few weeks. Trading volumes for Exchange Traded Products (ETPs) have also seen a significant rise, increasing by 45% week-over-week to $12.9 billion. However, this only accounted for 22% of the overall crypto market volumes.
Bitcoin Attracts Inflows Amid Positive Market Sentiment
Recent data from CoinShares’ Digital Asset Fund Flows Weekly Report shows that Bitcoin saw $1.27 billion in inflows last week. Conversely, short-bitcoin ETPs experienced outflows of $1.9 million, contributing to total outflows of $44 million since March. This trend suggests that investors are becoming less concerned about bitcoin’s price direction and are moving away from bearish bets on the cryptocurrency.
The report also highlighted that Ethereum saw an influx of $45 million last week, surpassing Solana as the altcoin with the highest year-to-date inflows at $103 million. SOL recorded inflows of $9.6 million but now trails behind ETH, which also outperformed other altcoins like Litecoin, which received $2.2 million in inflows last week.
- Chainlink saw $0.7 million in inflows
- XRP recorded $0.5 million in inflows
- Cardano received $0.4 million in inflows
However, blockchain equities faced challenges, with outflows of $8.5 million last week despite several ETFs performing better than global equity indices.
Regional Investment Trends in Digital Assets
Regional investment trends varied compared to the previous week. The US and Switzerland led in terms of inflows, with $1.3 billion and $66 million, respectively. Canada and Australia followed with $7.8 million and $3.8 million in inflows. On the flip side, Germany recorded the highest outflows at $5.2 million, while Hong Kong and Brazil saw minor outflows totaling $1.9 million and $1.7 million. Sweden also had minimal outflows of $0.6 million during the same period.
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