According to a recent report by CoinShares, Bitcoin investors continue to exhibit positive sentiment as inflows into digital asset investment products reached an impressive figure of $598 million last week. This marks the fourth consecutive week of positive inflows with the year-to-date total now standing at over $5.7 billion which is more than half of the record set in 2021.
Despite this remarkable progress and holding the largest pool of assets under management (AUM) at $31.97 billion, Grayscale experienced negative monthly inflows of $1.79 billion and witnessed weekly outflows of $433 million from its products last week. The United States captured most of the inflows, totaling $610 million. Conversely, iShares ETFs led the pack with positive inflows of $543.5 million.
Investors in blockchain equities have been exhibiting a cautious approach with outflows totaling $81 million in the last week. Despite this, the overall trend appears to be positive. CoinShares presents a mixed picture of the performance of Blockchain Equity Exchange Traded Products (ETPs) with some ETPs experiencing notable inflows while others faced outflows across various timeframes.
VanEck Crypto and Blockchain ETP have garnered the highest inflows month-to-date, accumulating $24.8 million. Invesco Coinshares Global Blk ETP has secured the top spot for year-to-date inflows attracting $4.8 million.
On the other hand, Grayscale Future of Finance ETP witnessed the most significant outflows week-to-date totaling -$0.4 million. Amplify Transformational Data ETP led in both monthly and yearly outflows, experiencing outflows of -$335.1 million (month-to-date) and -$263.3 million (year-to-date).
Breaking down the inflows, Bitcoin dominated the scene with the most substantial inflows totaling $570 million last week, bringing its year-to-date inflows to $5.6 billion. Some investors took advantage of recent price increases and entered short positions resulting in $3.9 million in outflows for short-bitcoin products.
Ethereum, the second-largest cryptocurrency followed closely with an AUM of $12.53 billion saw $17 million in inflows last week. On the other hand, Chainlink and XRP saw minor inflows of $1.8 million and $1.1 million, respectively.
However, Solana experienced outflows of $3 million likely due to recent network outages. Recently, Solana’s Mainnet Beta faced a prolonged outage disrupting block production and prompting Upbit to suspend Solana-based token activities.
