Crypto investment products report $2.45 billion inflows last week, pushing year-to-date total to $5.2 billion. Bitcoin dominates, Ethereum also sees positive activity. Regional focus on United States.
The cryptocurrency investment sector witnessed a substantial influx of $2.45 billion in capital during the previous week, as reported by CoinShares, an asset management firm. This surge has propelled the year-to-date inflows to an impressive $5.2 billion. Consequently, the total assets under management (AUM) have surged to $67 billion, marking a pinnacle last observed in December 2021.
Bitcoin remained the dominant force in these inflows, capturing over 99% of the total. However, there was a discernible interest in short positions on Bitcoin, attracting $5.8 million in inflows. Ethereum also experienced positive activity, with $21 million in inflows. Conversely, Solana witnessed a decline, with outflows of $1.6 million attributed to recent technical issues.
Several other cryptocurrencies, including Avalanche, Chainlink, and Polygon, also saw favorable inflows, each receiving approximately $1 million. This reflects a consistent pattern of weekly inflows throughout the year.
Geographically, the bulk of these inflows were concentrated in the United States, which represented 99% or roughly $2.4 billion of the total. This surge underscores a growing interest in spot-based exchange-traded funds (ETFs) across various providers.
Meanwhile, there has been a noticeable reduction in outflows from established entities. In contrast, other regions experienced more subdued movements, with Germany and Switzerland recording inflows of $13 million and $1 million, respectively, while Sweden faced outflows of $26 million.