Bitcoin’s Weekly Inflows Top $1B as Crypto Investments Reach Record $14.9B YTD – Investor Bites

Investment products for digital assets saw inflows totaling $1.05 billion last week, marking the third consecutive week of positive inflows, according to a new report from CoinShares.

The report indicated that these inflows have pushed the year-to-date (YTD) inflows into cryptocurrency funds to an unprecedented $14.9 billion.

CoinShares noted that the recent surge in the crypto market has significantly boosted activity around Exchange-Traded Products (ETPs). During this period, weekly ETP trading volume surged by 28% to reach $13 billion.

The report also revealed that the total assets under management (AUM) for crypto-related investment products exceeded $98 billion, reflecting a 7% increase from the previous week’s $91 billion

Most of last week’s inflows into crypto funds originated from the United States, Germany, and Switzerland, with $1.03 billion, $48 million, and $30 million, respectively. Conversely, Hong Kong experienced outflows. CoinShares noted,

Disappointingly, since the initial positive launch of Bitcoin spot-based ETFs in Hong Kong (which saw US$300m in the first week), there have been further outflows last week of US$29m.

Bitcoin-backed investment products led the way with inflows of $1.03 billion, accounting for 98% of all inflows during the week. This brought Bitcoin’s YTD inflows to $14.60 billion, an 8% increase from the previous week’s YTD inflow of $13.58 billion.

Short-Bitcoin products, however, experienced outflows of $4.3 million last week, bringing their month-to-date outflows to $8.8 million. CoinShares suggested that this might reflect a shift in investor sentiment towards Bitcoin, shifting from negative to positive.

CoinShares added.

This is likely due to investors interpreting the FOMC minutes and recent macro data as mildly dovish.

Meanwhile, the leading altcoin, Ethereum (ETH), saw an inflow of $38 million into its digital asset products, the highest since March. CoinShares attributed this to,

Likely an early reaction to the approval of ETH ETFs in the United States.,

However, due to previous weeks’ outflows, Ethereum-backed products had a month-to-date deficit of $11.1 million last week.

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• Source: https://investorbites.com/bitcoins-weekly-inflows-top-1b-as-crypto-investments-reach-record-14-9b-ytd/