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23/07/24
153
Digital Asset Investment Products Recorded Inflows of $1.35 Billion Last Week
On July 22, CoinShares revealed that digital asset investment products recorded an aggregate inflow of $1.35 billion last week as positive sentiment continued. They have seen an aggregate inflow of $3.2 billion over the past three weeks.
“ETP trading volumes also increased substantially, up 45% week-on-week to US$12.9bn, but representing a lower than usual 22% of the broader crypto market volumes,” reads the report.
Almost all crypto assets recorded inflows with Bitcoin seeing the $1.277 billion. Ethereum was the best-performing altcoin in terms of flows, recording an inflow of $45.3 million and overtaking Solana for the altcoin with the most inflows since the beginning of 2024 at $103 million.
Solana saw an inflow of $9.6 million last week, contributing to its total inflow of $71 million since the beginning of this year. This was followed by Litecoin with an inflow of $2.2 million last week. Chainlink, XRP and Cardano saw inflows of $700k, $500k and $400k, respectively.
Investors poured funds into multi-coin investment products, leading to an inflow of $16.7 million. Conversely, Short-Bitcoin recorded another outflow of $1.9 million, “bringing outflows since March to US$44m, representing a massive 56% of assets under management (AuM) — highlighting enduring positive sentiment since the April halving event.”
In terms of region, the United States recorded the highest amount of inflow at $1.286 billion, followed by Switzerland, Canada, and Australia at $66.3 million, $7.8 million, and $3.8 million respectively. Germany, Hong Kong, Brazil and Sweden saw outflows of $5.2 million, $1.9 million, $1.7 million, and $600k respectively.
“Blockchain equities, in contrast to tokens, continue to suffer with outflows of US$8.5m last week, despite most ETFs outperforming world equity indices,” reads the report.
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