- Digital asset investment products recorded inflows of $293 million last week.
- Bitcoin recorded $240 million, Ethereum recorded $49 million, and Solana recorded $12 million.
- According to a report by CoinShares, annual inflows have surpassed $1 billion.
Last week, inflows into digital asset investment products reached $293 million, marking the seventh consecutive week of positive trends.
The seventh straight week of inflows brought total annual inflows to cryptocurrency exchange-traded products to $1.14 billion, according to data from asset manager CoinShares. This follows increased institutional interest, which drove annual inflows to the third highest annual level YTD.
Meanwhile, the cryptocurrency’s total assets under management (AuM) increased by 9.6% last week.
Total AuM last week was $44.3 billion, up 99% on the year and the highest level since May 2022, according to the weekly flows report.
Bitcoin inflows last week hit $240 million.
In specific investment products, Bitcoin recorded inflows of $240 million last week, bringing the total YTD figure to $1.08 billion. ETP trading volume for the flagship cryptocurrency accounted for nearly 20% of the volume on trusted exchanges.
James Butterfill, head of research at CoinShares, points out that it is very rare to see ETP volume increase compared to BTC volume.This suggests that ETP investors are participating much more heavily in this rally than in 2020/21..”
Also noteworthy are the inflows into Ethereum investment products.
Last week’s $49 million inflows were the largest for Ether since August 2022, according to CoinShares’ weekly report. Sentiment towards Ether-based ETPs has improved significantly over the past two weeks. This outlook is unfolding, especially as the filing of the spot Ethereum ETF is generating interest.
Solana is seeing huge influx
Solana, one of the best-performing cryptocurrency assets over the past few weeks, also saw notable inflows last week. $12 million poured into SOL products over a seven-day period, with altcoins leading the sector with year-to-date inflows of $121 million.
This optimism is reflected in the price of SOL, which plummeted in November 2022 as the market reacted to the FTX collapse. At the current $59 level, Solana has traded up 170% over the past 30 days and up 315% over the past year.