For the third consecutive week, digital asset investment products attracted impressive inflows, as this time, they totaled $1.05 billion. The latest figures contributed to a record-breaking year-to-date cumulative flow of $14.9 billion.
According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, the recent surge in prices has driven total digital asset exchange-traded products (ETPs) to $98.5 billion. Meanwhile, weekly ETP trading volumes have increased by 28% to $13.6 billion.
The majority of inflows were directed towards Bitcoin ETPs, which attracted $1.01 billion, while short-BTC products experienced outflows totaling $4.3 million, indicating a broadly positive sentiment despite recent price hikes.
This shift in sentiment is likely influenced by investors interpreting the FOMC minutes and recent macro data as mildly dovish.
Investment products offering exposure to Ethereum witnessed inflows of $36 million, marking the highest since March. As per the asset manager, this figure was largely driven by early reactions to the approval of spot Ether ETFs in the United States.
The bullish sentiment extended across the altcoins board, with Solana attracting $8 million in inflows last week.
Litecoin also witnessed inflows of $2.8 million during the same period, followed by Chainlink and XRP with $0.6 million and $0.4 million.
On the other hand, Cardano observed weekly outflows of $1.2 million.
In terms of geographical distribution, the majority of inflows were concentrated in the United States, which experienced $1.03 billion in inflows over the past week. Notably, Grayscale witnessed a significant reduction in outflows to just $15 million for the week.
Germany and Switzerland also saw inflows of $48 million and $30 million, respectively.
However, despite the initial enthusiasm surrounding the launch of spot Bitcoin ETFs in Hong Kong, there were disappointing outflows of $29 million last week.
The post Bitcoin ETPs Lead Inflows with $1.01B Weekly, What About Ethereum? (CoinShares) appeared first on CryptoPotato.
