Bitcoin Steals the Show With 98% of Weekly Inflows, Solana Trails Behind: CoinShares
Digital asset investment products experienced a $1.18 billion increase in inflows last week, according to CoinShares. This figure, however, did not surpass the previous high set in October 2021 when futures-based Bitcoin ETFs garnered a total of $1.5 billion.
The latest edition of “Digital Asset Fund Flows Weekly Report” further revealed that the trading volumes for Exchange-Traded Products (ETPs) did break records by reaching $17.5 billion last week, marking the highest recorded level. This significantly surpassed the 2022 weekly average of $2 billion.
CoinShares’ estimatest suggests that the trading volumes constituted almost 90% of the daily trading volumes on reputable exchanges last Friday, a noteworthy deviation from the typical range of 2%-10%.
Bitcoin’s Unrivaled 98% Inflows, Solana Sees Decline
After an impressive streak, Solana amassed only $0.5 million in inflows over the past week, indicating a current preference among investors for products linked to the leading crypto assets.
Interestingly, Solana’s inflow was lower than those of Cardano and Litecoin, which attracted $1.4 million and $0.8 million, respectively. As such, Bitcoin continued to dominate funds with a whopping $1.16 billion in weekly inflows and 98% of the total inflows. This also represented a significant 3% of total assets under management (AuM).
Short-bitcoin also registered minor inflows totaling $4.1 million, the report revealed.
During the same period, Ethereum experienced total inflows amounting to $26 million, while XRP saw inflows of $2.2 million. Polkadot, on the other hand, settled with a modest $0.2 million in weekly inflows.
US Dominates Inflows
The approval from the Securities and Exchange Commission for the first-ever spot Bitcoin ETF was a watershed moment for crypto. Amidst such a heightened level of excitement, the United States took the lead as anticipated, with a substantial influx of $1.24 billion recorded last week.
In a notable development, Switzerland also witnessed significant activity, observing inflows totaling $21 million.
CoinShares’ Head of Research, James Butterfill, asserted that the outflows observed in Europe and Canada, amounting to $44 million in the latter, $27 million in Germany, and $16 million in Sweden, may be attributed to basic traders seeking to transition from those markets to the United States.
Meanwhile, blockchain equities saw substantial inflows amounting to $98 million, contributing to a cumulative total of $608 million in inflows over the past seven weeks.
