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30/07/24
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Digital Asset Investment Products Recorded Inflows of $245 Million Last Week
On July 29, CoinShares revealed that digital asset investment products recorded an aggregate inflow of $245 million last week despite the newly issued ETH ETFs in the U.S. seeing inflows of $2.2 billion. The newly launched ETH ETFs prompted a rise in trading volumes to the highest levels in two months at $14.8 billion.
“Recent price appreciation has brought total assets under management (AuM) to US$99.1bn while total inflows year-to-date (YTD) are at a record breaking US$20.5bn,” reads the report.
Bitcoin recorded inflows of $519 million, so the total inflows since the beginning of this month is $3.6 billion while inflows since the beginning of this year is $19 billion. CoinShares believes that comments on the forthcoming elections in the U.S., specifically regarding the possibility of BTC becoming a strategic reserve asset, as well as increasing expectations of a Federal Reserve rate cut in September, increased investor confidence.
Ethereum saw the largest outflow of $284.9 million despite newly issued ETH ETFs seeing some of the largest inflows in four years, with ETH ETP trading volumes rising by 542 percent over the week.
“Further, this week saw continued outflows from Grayscale’s incumbent trust of US$1.5bn as some investors cash out, leading to a net outflow of US$285m last week. This is a similar situation to the Bitcoin trust outflows in at the January 2024 ETF launches,” reads the report.
Solana saw an outflow of $2.7 million last week. Conversely, Cardano, Litecoin and XRP saw inflows of $1.2 million, $600k and $500k, respectively. Investors poured funds into multi-coin investment products, leading to an inflow of $8.7 million. Short-Bitcoin’s significant outflows seen over the past several weeks ended last week with an inflow of $300k.
In terms of region, the United States recorded the highest amount of inflow at $272 million, followed by Switzerland, Canada, and Australia at $40.6 million, $2.5 million, and $1.7 million respectively. Germany, Brazil, Hong Kong, and Sweden saw outflows of $59.6 million, $5.6 million, $3.5 million, and $2.6 million respectively.
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