According to CoinShares: Digital asset investment products experienced an influx of $1.35 billion last week, continuing a three-week streak that has totaled $3.2 billion in inflows. This surge in investment reflects growing confidence in the cryptocurrency market.
Bitcoin led the pack with $1.27 million in inflows, while short-Bitcoin ETPs saw outflows of $1.9 million, contributing to a cumulative outflow of $44 million since March. This pattern underscores sustained bullish sentiment following the April halving event.
Ethereum's outlook has improved significantly, with $45 million in inflows last week. This development positions Ethereum ahead of Solana as the altcoin with the highest year-to-date inflows, totaling $103 million. Solana, while still attracting $9.6 million in inflows last week, now trails Ethereum with $71 million in YTD inflows. Litecoin was the only other altcoin to surpass $1 million in inflows, recording $2.2 million last week.
CoinShares Weekly Crypto Asset Flows in $US
Digital asset investment products saw continued buying interest, with inflows of $1.35 billion last week, marking a three-week total of $3.2 billion in inflows. ETP trading volumes surged by 45% week-on-week to $12.9 billion, although this represents a lower-than-usual 22% of broader crypto market volumes.
Regional Overview
The regional picture varied, with the US and Switzerland seeing significant inflows of $1.3 billion and $66 million, respectively. In contrast, Brazil and Hong Kong experienced minor outflows totaling $5.2 million and $1.9 million, respectively.
CoinShares Flows by Exchange Country in US$m
Bitcoin attracted $1.27 million in inflows last week, while short-Bitcoin ETPs faced further outflows of $1.9 million, adding to the $44 million in outflows since March. This represents a substantial 56% of assets under management (AuM), reflecting enduring positive sentiment since the April halving event.
Altcoin Performance
Ethereum's outlook has turned a corner, with $45 million in inflows last week, surpassing Solana for the altcoin with the most year-to-date inflows at $103 million. Solana also saw inflows last week totaling $9.6 million but now lags behind Ethereum with $71 million in YTD inflows. Litecoin was the only other altcoin to record over $1 million in inflows, with $2.2 million last week.
CoinShares Flows by Asset in US$m
In contrast to tokens, blockchain equities continue to struggle, experiencing outflows of $8.5 million last week, despite most ETFs outperforming world equity indices.
Blockchain Equity ETPs in US$m
The continued inflows into digital assets, particularly Bitcoin and Ethereum, highlight the growing positive sentiment in the market. As the second half of 2024 unfolds, it will be interesting to see how these trends develop and whether the bullish momentum can be sustained.
