Inflows into Cryptocurrency Products Exceed $1B Since the Beginning of the Year
Investments in digital asset products have seen a surge, with a record $293 million inflow reported last week. The leading cryptocurrencies, Bitcoin and Ethereum, received inflows of $240 million and $49 million, respectively. Solana also witnessed a significant influx of $12 million. According to a report by CoinShares, the year-to-date inflows have crossed the $1 billion mark.
The consistent positive flows have brought the total year-to-date inflows into cryptocurrency exchange traded products to $1.14 billion. The increased institutional interest has driven yearly inflows YTD to the third-highest yearly level.
Moreover, the total assets under management (AuM) in cryptocurrencies have surged by 9.6% in the past week. The weekly flows report indicates that total AuM reached $44.3 billion last week, marking a 99% increase this year, the highest level since May 2022.
Bitcoin’s Inflows and Trading Volume
Bitcoin has witnessed substantial inflows, with $240 million last week, bringing the total year-to-date reading to $1.08 billion. The trading volume for Bitcoin’s exchange traded products accounted for almost 20% of volume on trusted exchanges.
James Butterfill, the head of research at CoinShares, highlights the surge in ETP volume, indicating increased participation in the rally compared to previous years.
Ethereum’s Enhanced Sentiment
Noteworthy inflows of $49 million into Ethereum investment products were recorded last week, the highest since August 2022. Improved sentiment around Ether-based ETPs has coincided with a growing interest in spot Ethereum ETF filings.
Solana’s Impressive Performance
Solana, a standout performer in recent weeks, registered significant inflows of $12 million. The altcoin boasts $121 million in year-to-date inflows, reflecting its remarkable performance. Despite a dip in November 2022, Solana is currently trading at $59, signifying a 170% increase over the past 30 days and a 315% rise over the past year.
In the fast-evolving world of cryptocurrency, the recent surge in inflows into digital asset products demonstrates the growing confidence among investors. As the industry continues to attract institutional interest, the trajectory of crypto investments appears promising. Stay updated with the latest news and insights on the crypto market at Uber Crypto News.