According to the latest CoinShares flow report, digital asset investment products saw weekly inflows totaling $270 million, the second-lowest in the past eight weeks, bringing the year-to-date inflows to $37.3 billion as of now.
James Butterfill, Head of Research at CoinShares, highlighted the unusual contrast in inflow trends across different assets. He noted that the low inflow levels are partly due to the impact of newly launched options.
Despite the initial high volume, options contracts on U.S. ETFs did not drive a corresponding increase in ETP volume, dropping from $34 billion last week to $22 billion.
Ethereum, XRP outperform Bitcoin
While Bitcoin has been the most prominent asset in the market over the past year, large-cap altcoins like Ethereum and XRP performed better than the leading digital asset last week.
According to a report by CoinShares, Bitcoin faced its first significant outflow since early September, with $457 million leaving funds, reflecting profit-taking activity in Bitcoin's recent surge to $100,000.
In contrast, Ethereum experienced a strong shift, attracting $634 million in inflows. This pushed the year-to-date inflows to $2.2 billion, surpassing the previous record of $2 billion set in 2021.
XRP also saw record inflows of $95 million, driven by optimism around the asset and expectations for the potential launch of an XRP ETF in the U.S. Notably, XRP's price reached a 7-year high after surpassing $2, bringing its market capitalization to a new peak of over $150 billion.
U.S., Hong Kong lead
By region, the U.S. led with $266 million in inflows, followed by Germany with $12.3 million. Switzerland and Canada saw small outflows of $26 million and $10 million, respectively.
In Hong Kong, crypto ETP funds saw significant inflows of $39 million, driven by the strong performance of Bitcoin ETF funds.
According to data from SoSoValue, three Hong Kong spot Bitcoin ETFs are nearing the milestone of $500 million in net assets. The ChinaAMC Bitcoin ETF leads with $277.48 million, followed by the Bosera Hashkey Bitcoin ETF with $153 million. The Harvest spot Bitcoin ETF holds about $40 million in assets.
Source: SoSoValue