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Bitcoin Steals the Show With 98% of Weekly Inflows, Solana Trails Behind: CoinShares

Summary:
Digital asset investment products experienced a .18 billion increase in inflows last week, according to CoinShares. This figure, however, did not surpass the previous high set in October 2021 when futures-based Bitcoin ETFs garnered a total of .5 billion. The latest edition of “Digital Asset Fund Flows Weekly Report” further revealed that the trading volumes for Exchange-Traded Products (ETPs) did break records by reaching .5 billion last week, marking the highest recorded level. This significantly surpassed the 2022 weekly average of billion. CoinShares’ estimatest suggests that the trading volumes constituted almost 90% of the daily trading volumes on reputable exchanges last Friday, a noteworthy deviation from the typical range of 2%-10%. Bitcoin’s Unrivaled

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Digital asset investment products experienced a $1.18 billion increase in inflows last week, according to CoinShares. This figure, however, did not surpass the previous high set in October 2021 when futures-based Bitcoin ETFs garnered a total of $1.5 billion.

The latest edition of “Digital Asset Fund Flows Weekly Report” further revealed that the trading volumes for Exchange-Traded Products (ETPs) did break records by reaching $17.5 billion last week, marking the highest recorded level. This significantly surpassed the 2022 weekly average of $2 billion.

CoinShares’ estimatest suggests that the trading volumes constituted almost 90% of the daily trading volumes on reputable exchanges last Friday, a noteworthy deviation from the typical range of 2%-10%.

Bitcoin’s Unrivaled 98% Inflows, Solana Sees Decline

After an impressive streak, Solana amassed only $0.5 million in inflows over the past week, indicating a current preference among investors for products linked to the leading crypto assets.

Interestingly, Solana’s inflow was lower than those of Cardano and Litecoin, which attracted $1.4 million and $0.8 million, respectively. As such, Bitcoin continued to dominate funds with a whopping $1.16 billion in weekly inflows and 98% of the total inflows. This also represented a significant 3% of total assets under management (AuM).

Short-bitcoin also registered minor inflows totaling $4.1 million, the report revealed.

During the same period, Ethereum experienced total inflows amounting to $26 million, while XRP saw inflows of $2.2 million. Polkadot, on the other hand, settled with a modest $0.2 million in weekly inflows.

US Dominates Inflows

The approval from the Securities and Exchange Commission for the first-ever spot Bitcoin ETF was a watershed moment for crypto. Amidst such a heightened level of excitement, the United States took the lead as anticipated, with a substantial influx of $1.24 billion recorded last week.

In a notable development, Switzerland also witnessed significant activity, observing inflows totaling $21 million.

CoinShares’ Head of Research, James Butterfill, asserted that the outflows observed in Europe and Canada, amounting to $44 million in the latter, $27 million in Germany, and $16 million in Sweden, may be attributed to basic traders seeking to transition from those markets to the United States.

Meanwhile, blockchain equities saw substantial inflows amounting to $98 million, contributing to a cumulative total of $608 million in inflows over the past seven weeks.

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