Felix Pinkston
July 15, 2024 09:52
According to CoinShares, digital asset investment products saw the fifth-largest weekly inflow on record, reaching $1.44 billion.
According to CoinShares, digital asset investment products saw significant inflows, recording the fifth-largest weekly inflow on record, totaling $1.44 billion. These inflows brought the year-to-date (YTD) total to a record $17.8 billion, surpassing the previous record high of $10.6 billion set in 2021.
Bitcoin and Ethereum Lead Inflows
Bitcoin (BTC) took the lead, with inflows reaching $1.35 billion, the fifth-largest weekly inflow in cryptocurrency history. Conversely, short Bitcoin products experienced significant outflows, reaching $8.6 million, the largest since April. The trend was driven by price weakness due to the German government’s Bitcoin selloff and a change in sentiment following lower-than-expected CPI figures in the United States.
Ethereum (ETH) also saw significant inflows of $72 million last week, the largest since March. The surge appears to be driven by expectations that a physical-based ETF will be approved in the US soon.
Regional and Altcoin Insights
Regionally, the United States led the way with $1.3 billion inflows this week. Notable contributions came from Switzerland, Hong Kong, and Canada, with $58 million, $55 million, and $24 million, respectively. Switzerland’s inflows set a record for the year.
Other altcoins also saw positive inflows. Solana (SOL) received $4.4 million, Avalanche (AVAX) $2 million, and Chainlink (LINK) $1.3 million, highlighting the widespread interest in a variety of digital assets.
Despite the significant inflows, trading volume remained relatively low at $8.9 billion for the week, compared to the seven-day average of $21 billion for the year, showing investors are taking a cautious yet optimistic approach to digital assets.
For more information about the report, please visit CoinShares.
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