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10/06/24
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Digital Asset Investment Products Recorded Inflows of $2 Billion Last Week
On June 10, CoinShares revealed that digital asset investment products recorded an aggregate inflow of $2 billion last week, representing the fifth consecutive week of inflow giving a total of $4.3 billion. The report noted the exchange-traded products’ trading volumes increased to $12.8 billion, representing a 55 percent rise from the previous week, as outflows from incumbents continue to reduce.
“We believe this turn around in sentiment is a direct response to weaker than expected macro data in the US, bringing forward monetary policy rate cut expectations. Positive price action saw total assets under management (AuM) rise above the US$100bn mark for the first time since March this year,” reads the report.
Bitcoin saw the largest inflow of $1.973 billion, followed by Ethereum at $68.9 million. This is Ethereum’s highest inflow since March, which CoinShares believes could be due to the market’s reaction to the U.S. SEC’s approval of a spot ETH ETF.
This was followed by Fantom and XRP with inflows of $1.4 million and $1.2 million respectively. Litecoin, Solana, and chainlink recorded inflow of $700k each. Short-bitcoin recorded a third consecutive week of outflow at $5.3 million. Investors withdrew funds from multi-coin investment products, leading to an outflow of $5.5 million.
In terms of region, the United States recorded the highest amount of inflow at $1.984 billion, “with the first day of the week seeing the 3rd largest daily inflow on record. The iShares bitcoin ETF now comfortably surpassing incumbent Grayscale with US$21bn of AuM.”
Hong Kong, Canada, Switzerland, Brazil, and Australia saw inflows of $26.1 million, $12.7 million, $10.6 million, $9.5 million and $1.7 million, respectively. Sweden saw outflows of $9.2 million.
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