Crypto investments soar as digital assets attract a record $346 million in weekly inflows. Bitcoin dominates with $312 million, pushing year-to-date inflows beyond $1.5 billion. Ethereum sees a reversal in trends, and total assets under management hit $45.3 billion, reflecting renewed investor confidence.
The crypto market is experiencing a notable trend with a surge in investments in digital asset products. In the past week, these products received a remarkable influx of $346 million in capital, establishing a new record for the largest weekly investment in a continuous nine-week period of positive flows.
Bitcoin Dominates with $312 Million Inflows
According to a report by CoinShares, Bitcoin alone attracted $312 million in new investments last week, contributing to a year-to-date inflow that surpasses $1.5 billion. Notably, exchange-traded products (ETPs) related to Bitcoin accounted for 18% of all Bitcoin spot trading volumes during the same period.
Ethereum Reverses Trends with $34 Million Inflows
Ethereum also saw a turnaround, recording $34 million in inflows last week. This contributes to a four-week total of $103 million, marking a significant shift from earlier trends of outflows and indicating a change in investor sentiment towards Ethereum.
Regional Dynamics: Canada and Germany Lead
Regionally, Canada and Germany have been at the forefront of these inflows, contributing a combined 87% of the total. In contrast, the U.S. witnessed relatively modest participation, with only $30 million in inflows last week. This subdued activity in the U.S. could be attributed to investors anticipating the launch of a spot-based ETF.
These developments signify a renewed interest and confidence in digital assets, evident in the increasing inflows and a rise in total assets under management to $45.3 billion. This marks the highest figure in over 18 months. The anticipation of a new ETF in the U.S. and the overall bullish trend in the market since late 2021 have played crucial roles in driving this positive shift.