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Home»ALTCOIN NEWS»Cryptocurrency ETF Breaks New Record with $2.9B Inflows in One Week: CoinShares
ALTCOIN NEWS

Cryptocurrency ETF Breaks New Record with $2.9B Inflows in One Week: CoinShares

By Crypto FlexsMarch 18, 20242 Mins Read
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Cryptocurrency ETF Breaks New Record with .9B Inflows in One Week: CoinShares
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Digital asset manager CoinShares said institutions poured a new weekly record of $2.9 billion into cryptocurrency investment products last week for the seventh straight week.

CoinShares said in its latest Digital Asset Fund Flows report that annual inflows into cryptocurrency investment products have also reached new records.

“Digital asset investment products saw record weekly inflows totaling $2.9 billion, surpassing the previous week’s all-time record of $2.7 billion. This week’s inflows bring annual inflows to US$13.2 billion, surpassing the US$10.6 billion inflows for all of 2021.

During the week, global ETPs topped US$100 billion for the first time, but the weekend price correction saw them settle at US$97 billion.”

Source: CoinShares

The United States and other regions saw inflows of more than $2.95 billion last week, while Canada, Germany, Sweden and Switzerland saw outflows of $78 million last week.

Bloomberg ETF expert Eric Balchunas said It said on Monday that capital outflows from non-U.S. ETFs could be due to significantly lower fees on U.S. products.

“Bitcoin ETFs in Europe and Canada are experiencing outflows despite or due to the launch of US spot ETFs, which are many times cheaper and more liquid. As usual for US ETFs in general, the Biz steals flows everywhere resulting in them generally residing in the Terrordome. “It’s hell for issuers and heaven for investors.”

Coinshares says that, as usual, Bitcoin (BTC) products enjoyed the highest inflows at $2.86 billion.

“(BTC inflows) currently account for 97% of total annual inflows. On the other hand, short Bitcoin recorded its largest inflow in a year, totaling $26 million for five consecutive weeks.”

Ethereum (ETH), Solana (SOL), and Polygon (MATIC) suffered outflows of $14 million, $2.7 million, and $6.8 million, respectively.

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Featured image: Shutterstock/Kisssinn

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