Investments in digital asset products clocked in a massive surge in weekly inflows, reaching a total of $2.9 billion.
According to the latest data compiled by CoinShares, the inflows surpassed the previous week’s record of $2.7 billion, propelling year-to-date investments to $13.2 billion, significantly exceeding the total inflows for the entire year of 2021, which stood at $10.6 billion.
Mixed Bag for Global Regions
Trading volumes for the week remained steady at $43 billion, matching the previous week’s records and constituting a larger share of 47% of the overall global Bitcoin volumes.
Furthermore, global Exchange-Traded Products (ETPs) surpassed the milestone of $100 billion for the first time during the week. However, a price correction towards the end of the week led to it settling at $97 billion.
In terms of regional distribution, the United States observed inflows of $2.95 billion, whereas there were relatively smaller inflows in Australia, Brazil, and Hong Kong, amounting to $5 million, $24 million, and $15 million, respectively.
On the other hand, Canada, Germany, Sweden, and Switzerland collectively experienced outflows totaling $78 million last week. CoinShares noted that 2024 hasn’t started on a positive note despite Bitcoin’s impressive performance. The European asset manager, in the latest edition of Digital Asset Fund Flows Weekly Report, said,
“This year has not got off to a good start, having now seen US$685m in outflows so far.”
Ethereum, Solana, and Polygon Shed Millions
Bitcoin experienced inflows amounting to $2.86 billion last week, constituting 97% of the total inflows for the year so far. Meanwhile, short Bitcoin witnessed its highest inflows in a year, reaching a total of $26 million, marking the fifth consecutive week of such inflows.
Polkadot, Litecoin, and Binance netted weekly inflows of $3.1 million, $2.3 million, and $1.5 million. The same cannot be said for top smart contract platforms such as Ethereum, Solana, and Polygon, which witnessed outflows totaling $14 million, $2.7 million, and $6.8 million, respectively, during the same period.
Blockchain equities, however, saw inflows of $19 million, marking the first inflows after a six-week period of outflows.
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