Caroline Bishop
Jul 22, 2024 09:47
Digital asset investment products saw inflows of $1.35 billion last week, with Bitcoin leading the charge, according to CoinShares.
Digital asset investment products experienced significant inflows amounting to $1.35 billion last week, indicating sustained positive market sentiment, according to CoinShares. This brings the three-week total of inflows to an impressive $3.2 billion.
Bitcoin Leads Inflows
Bitcoin (BTC) dominated the inflows, attracting $1.27 billion. In contrast, short-Bitcoin exchange-traded products (ETPs) saw outflows of $1.9 million, contributing to a cumulative outflow of $44 million since March. This trend underscores robust optimism surrounding Bitcoin, especially following the April halving event.
Ethereum and Altcoins Performance
Ethereum (ETH) also demonstrated a positive trajectory with $45 million in inflows last week. This positions Ethereum as the altcoin with the highest year-to-date (YTD) inflows at $103 million, surpassing Solana (SOL), which recorded $9.6 million in inflows last week and $71 million YTD. Litecoin (LTC) was the only other altcoin to see notable inflows, amounting to $2.2 million.
Regional Inflows and Outflows
Regionally, the United States and Switzerland led with substantial inflows of $1.3 billion and $66 million, respectively. However, Brazil and Hong Kong experienced minor outflows totaling $5.2 million and $1.9 million, respectively.
ETP Trading Volumes
ETP trading volumes surged by 45% week-on-week to $12.9 billion, though they represented a lower-than-usual 22% of the broader crypto market volumes.
Blockchain Equities Struggle
While digital asset tokens enjoyed positive inflows, blockchain equities faced a challenging week with outflows of $8.5 million. This is despite most blockchain equity ETFs outperforming global equity indices.
To access the full research, click here.
Image source: Shutterstock
Credit: Source link
