Digital Asset Products See $1.44 Billion in Inflows, Setting New Year-to-Date Record
Investment in digital asset products surged last week despite market volatility, with inflows totaling $1.44 billion.
The tally pushed year-to-date inflows to a staggering $17.8 billion, far exceeding the $10.6 billion recorded in all of 2021, according to a Monday report from CoinShares.
The report noted that despite the robust inflow, weekly trading volumes remained subdued at $8.9 billion, contrasting with the year’s average of $21 billion.
The United States led the charge with $1.3 billion in inflows, underscoring bullish sentiment that extended globally.
Other notable contributions came from Switzerland, which saw record inflows this year, along with Hong Kong and Canada, recording $58 million and $55 million, respectively.
According to CoinShares, digital asset investment products saw $1.44 billion in inflows last week, bringing year-to-date inflows to a record $17.8 billion. Bitcoin saw its fifth-largest weekly inflow on record, at $1.35 billion. Ethereum saw $72 million in inflows.…
— Wu Blockchain (@WuBlockchain) July 15, 2024
It is worth noting that Bitcoin attracted the fifth-largest weekly inflows on record, totaling $1.35 billion.
Conversely, short-Bitcoin products experienced the largest weekly outflow since April, amounting to $8.6 million.
CoinShares analysts attributed the activity to recent developments, including Germany’s government Bitcoin sales and a shift in investor sentiment following lower-than-expected US CPI data.
Altcoins also witnessed significant inflows, with Ethereum leading the pack with $72 million, marking its largest weekly inflow since March.
This surge is largely attributed to anticipation surrounding the imminent approval of a spot-based ETF in the US.
Additionally, Solana, Avalanche, and
Read more on cryptonews.com
