Crypto Products See $1.3B Inflows in One Week: CoinShares

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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July 22, 2024

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Cryptocurrency investment products received a major investment of $1.35 billion in the past week, per CoinShare’s latest data. Last week’s numbers bring the total capital attracted by these products to $3.2 billion in the last three weeks, indicating a growing interest in crypto products.

BTC, ETH, and SOL Witness Significant Shifts

According to the CoinShares report, Bitcoin received $1.27 billion in inflows last week.

Digital asset investment products saw further buying with inflows of $1.35bn last week, bringing the last 3 week run of inflows to $3.2bn. pic.twitter.com/Y1CEh36q6a

— unfolded. (@cryptounfolded) July 22, 2024

Meanwhile, the prospects for Ethereum seem to have improved as it saw more inflow of $45 million last week, surpassing Solana for the altcoin with the most inflows year-to-date (YTD) at $103 million.

Solana didn’t fare too badly, as it saw $9.6 million in inflows last week. It is now behind Ethereum, with $71 million in inflows year-to-date. Litecoin was the only other altcoin to see over $1 million in inflows, with $2.2 million last week.

Recall that Cryptonews reported on July 15 that digital asset products recorded $1.44 billion in inflows, with the United States accounting for $1.3 billion of the total inflows.

The report aligns with data from Farside Investors, which shows that US Bitcoin spot exchange-traded funds (ETFs) have reached a record high of over $17 billion in net inflows. BlackRock’s IBIT leads the way with $18.9 billion, followed by Fidelity’s FBTC with $9.8 billion.

These impressive inflows indicate that institutional investors are increasingly embracing Bitcoin products. BlackRock, a leading asset manager, has greatly boosted its Bitcoin holdings in recent weeks, with its total value now exceeding $20 billion after a recent purchase of 4,000 BTC.

Inflows and Outflows by Exchange Country

According to a recent CoinShares report

, the US led the park in inflows, accounting for $1.3 billion out of a total of $1.35 billion generated in inflows last week. This is not the first time the US will lead in digital assets inflow. On June 8, the country recorded a majority inflow of $384 million following a total inflow of $441 million amid German government sell-offs.

Meanwhile, Switzerland accounted for $66 million in inflows, Australia for $3.8 million, and Canada for $7.8 million.

Conversely, some countries experienced major outflows from crypto products. Brazil saw $1.7 million, Hong Kong recorded $1.9 million, and Sweden accounted for $600,000.

Additionally, other nations that were not specified also witnessed an outflow of $600,000. Notably, Germany, which recently sold BTC and faced backlash from the crypto community, accounted for an outflow of $5.2 million.