Amidst continued price weakness throughout last week, digital asset investment products saw significant buying activity, with inflows reaching $1.44 billion during that period. This brought the year-to-date (YTD) inflows to a whopping $17.8 billion, which shattered the previous record set three years ago.
However, despite this strong inflow, CoinShares reported that trading volumes remained relatively low at $8.9 billion for the week, compared to the annual 7-day average of $21 billion.
Bitcoin continued to dominate the charts, securing the fifth-largest weekly inflow on record at $1.35 billion. On the other hand, short-bitcoin products experienced significant outflows, with $8.6 million exiting. This marked the largest weekly outflow since April.
In the latest edition of CoinShares’ latest Digital Asset Fund Flows Weekly Report, the asset manager attributed the surge in inflows to investors capitalizing on price weakness, partly influenced by the German government’s BTC sales and a shift in sentiment due to lower-than-expected CPI figures in the US.
Among altcoins, Ethereum stood out as it attracted $72 million in inflows. Interestingly, the inflow figure was the highest since March and is likely driven by anticipation of the potential approval of a spot ETF in the US. Other altcoins also welcomed positive inflows, with Solana, Avalanche, and Chainlink receiving $4.4 million, $2 million, and $1.3 million, respectively.
Additionally, Litecoin, XRP, and Cardano attracted $1.2 million, $1 million, and $0.7 million in weekly inflows, demonstrating strong investor interest across a diverse range of digital assets despite a wider market slump.
Regionally, the United States continued to lead with $1.3 billion in inflows for the week. CoinShares said that the positive sentiment was observed globally, with Switzerland, Hong Kong, and Canada particularly notable for their inflows of $57.5 million, $54.6 million, and $24.2 million,, respectively. Switzerland achieved a record for this year.
During the same period, Germany, Australia, Sweden, and Brazil recorded weekly inflows of $11.7 million, $5.8 million, $1.6 million, and $1.3 million, respectively.
The post YTD Digital Asset Inflows Surge to $17.8B, Shattering 2021’s Record appeared first on CryptoPotato.
However, despite this strong inflow, CoinShares reported that trading volumes remained relatively low at $8.9 billion for the week, compared to the annual 7-day average of $21 billion.
Bitcoin, Altcoins See Notable Inflows
Bitcoin continued to dominate the charts, securing the fifth-largest weekly inflow on record at $1.35 billion. On the other hand, short-bitcoin products experienced significant outflows, with $8.6 million exiting. This marked the largest weekly outflow since April.
In the latest edition of CoinShares’ latest Digital Asset Fund Flows Weekly Report, the asset manager attributed the surge in inflows to investors capitalizing on price weakness, partly influenced by the German government’s BTC sales and a shift in sentiment due to lower-than-expected CPI figures in the US.
Among altcoins, Ethereum stood out as it attracted $72 million in inflows. Interestingly, the inflow figure was the highest since March and is likely driven by anticipation of the potential approval of a spot ETF in the US. Other altcoins also welcomed positive inflows, with Solana, Avalanche, and Chainlink receiving $4.4 million, $2 million, and $1.3 million, respectively.
Additionally, Litecoin, XRP, and Cardano attracted $1.2 million, $1 million, and $0.7 million in weekly inflows, demonstrating strong investor interest across a diverse range of digital assets despite a wider market slump.
Positive Sentiment Across the Globe
Regionally, the United States continued to lead with $1.3 billion in inflows for the week. CoinShares said that the positive sentiment was observed globally, with Switzerland, Hong Kong, and Canada particularly notable for their inflows of $57.5 million, $54.6 million, and $24.2 million,, respectively. Switzerland achieved a record for this year.
During the same period, Germany, Australia, Sweden, and Brazil recorded weekly inflows of $11.7 million, $5.8 million, $1.6 million, and $1.3 million, respectively.
The post YTD Digital Asset Inflows Surge to $17.8B, Shattering 2021’s Record appeared first on CryptoPotato.
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