Investments in digital asset products clocked in a massive surge in weekly inflows, reaching a total of .9 billion. According to the latest data compiled by CoinShares, the inflows surpassed the previous week’s record of .7 billion, propelling year-to-date investments to .2 billion, significantly exceeding the total inflows for the entire year of 2021, which stood at .6 billion. Mixed Bag for Global Regions Trading volumes for the week remained steady at billion, matching the previous week’s records and constituting a larger share of 47% of the overall global Bitcoin volumes. Furthermore, global Exchange-Traded Products (ETPs) surpassed the milestone of 0 billion for the first time during the week. However, a price correction towards the end of the week
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Investments in digital asset products clocked in a massive surge in weekly inflows, reaching a total of $2.9 billion.
According to the latest data compiled by CoinShares, the inflows surpassed the previous week’s record of $2.7 billion, propelling year-to-date investments to $13.2 billion, significantly exceeding the total inflows for the entire year of 2021, which stood at $10.6 billion.
Mixed Bag for Global Regions
Trading volumes for the week remained steady at $43 billion, matching the previous week’s records and constituting a larger share of 47% of the overall global Bitcoin volumes.
Furthermore, global Exchange-Traded Products (ETPs) surpassed the milestone of $100 billion for the first time during the week. However, a price correction towards the end of the week led to it settling at $97 billion.
In terms of regional distribution, the United States observed inflows of $2.95 billion, whereas there were relatively smaller inflows in Australia, Brazil, and Hong Kong, amounting to $5 million, $24 million, and $15 million, respectively.
On the other hand, Canada, Germany, Sweden, and Switzerland collectively experienced outflows totaling $78 million last week. CoinShares noted that 2024 hasn’t started on a positive note despite Bitcoin’s impressive performance. The European asset manager, in the latest edition of Digital Asset Fund Flows Weekly Report, said,
“This year has not got off to a good start, having now seen US$685m in outflows so far.”
Ethereum, Solana, and Polygon Shed Millions
Bitcoin experienced inflows amounting to $2.86 billion last week, constituting 97% of the total inflows for the year so far. Meanwhile, short Bitcoin witnessed its highest inflows in a year, reaching a total of $26 million, marking the fifth consecutive week of such inflows.
Polkadot, Litecoin, and Binance netted weekly inflows of $3.1 million, $2.3 million, and $1.5 million. The same cannot be said for top smart contract platforms such as Ethereum, Solana, and Polygon, which witnessed outflows totaling $14 million, $2.7 million, and $6.8 million, respectively, during the same period.
Blockchain equities, however, saw inflows of $19 million, marking the first inflows after a six-week period of outflows.