25 April, 2024

Digital Asset Products Lead Crypto Inflows for Fourth Straight Week

26 Feb, 2024

27 Feb, 2024

  • Bitcoin attracts $570 million in weekly inflows contributing to a year-to-date total exceeding $5.6 billion.
  • Grayscale experiences negative monthly inflows of $1.79 billion despite holding $31.97 billion in assets.
  • Ethereum records $17 million in weekly inflows while Chainlink and XRP see minor inflows.

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.

Source: CoinShares

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.

Source: CoinShares

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).

Source: CoinShares

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.



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