Digital Asset Investment Products See Significant Inflows
A recent report by crypto asset management firm CoinShares reveals that digital asset investment products have experienced significant inflows, reaching their highest volume levels since July 2023. Last week, crypto investment products saw inflows totaling $78 million, marking the second consecutive week of growth.
Crypto Exchange-Traded Products (ETPs) Surge
According to the report, the volumes of crypto exchange-traded products (ETPs) also surged by 37% last week, reaching $1.1 billion. Bitcoin volumes on trusted exchanges rose by 16% during this period.
Solana Emerges as the “Altcoin of Choice”
Solana (SOL), the eighth largest cryptocurrency by market capitalization, has established itself as the preferred altcoin. Its weekly inflows reached their highest level since March 2022. Although SOL has gained around 14% in the past 30 days, it remains down by approximately 32% over the past year.
Slow Start for United States Ethereum Futures ETFs
The United States Ethereum futures exchange-traded funds (ETFs) had a slow start with only around $10 million in inflows during their first week of trading. This indicates a tepid appetite for these investment products.
Europe Dominates Crypto Asset Inflows
According to CoinShares’ data, 90% of all crypto asset inflows came from Europe, while the United States and Canada combined saw only $9 million in inflows. Germany and Switzerland were the biggest contributors to this rise, accounting for 88% of all crypto asset product inflows last week.
CoinShares Expands Operations in the United States
CoinShares is working on expanding its operations in the United States after introducing its first offerings in September 2023. The company sees the U.S. as a global leader in digital asset development and regulation.
Hot Take: Continued Growth in Digital Asset Investment Products
The latest report from CoinShares highlights the continued growth in digital asset investment products, with significant inflows and increased volumes of crypto exchange-traded products. While Solana emerges as the preferred altcoin, Ethereum futures ETFs in the United States experience a slow start. Europe remains dominant in terms of crypto asset inflows, but CoinShares aims to expand its operations in the U.S., recognizing its leadership in digital asset development and regulation.
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