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21/05/24
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Digital Asset Investment Products Recorded Inflows of $932 Million Last Week
CoinShares revealed that digital asset investment products recorded an aggregate inflow of $932 million last week, representing the second consecutive week of inflow after four consecutive weeks of outflows. However, volumes were only $10.5 billion last week, relative to $40 billion in March.
“Interestingly, the inflows were an immediate response to the lower-than-expected CPI report on Wednesday, with the latter 3 trading days of the week making up 89% of the total flow, highlighting our view that Bitcoin prices have recoupled to interest rate expectations,” reads the report.
Ethereum saw the largest outflow of $23.3 million and CoinShares believes it was due to the prospects for an SEC approval of a spot-based ETF. Conversely, Bitcoin saw the largest inflow of $942 million, followed by Solana, Chainlink and Cardano with inflows of $4.9 million, $3.7 million, and $1.9 million, respectively.
Short-bitcoin did not record any flows and CoinShares believes it indicates a positive outlook amongst investors. Investors withdrew funds from multi-coin investment products, leading to an outflow of $1.7 million.
In terms of region, the United States recorded the highest amount of inflow at $1002 million. Grayscale recorded minor inflows of $18 million, having suffered outflows of $16.6 billion since the January ETF launch. Switzerland, Germany, Brazil, and Australia saw inflows of $27.1 million, $4.2 million, $1.8 million, and $1.5 million respectively.
On the other hand, Hong Kong, Canada, and Sweden saw outflows of $83 million, $17 million, and $5.9 million, respectively.
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