Digital Asset Funds Record $346 Million Inflows as Assets Under Management Surge Past $45.3 Billion
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.
Cryptocurrency products recorded a massive $346 million in weekly inflows, marking the highest figure in the past nine weeks of consecutive gains.
A CoinShares Digital Asset Fund Flows Weekly Report shows a growing bullish sentiment in the market after positive signs from institutional investors as they continue to acquire exposure to cryptocurrency products for nine consecutive weeks.
The total inflow recorded last week totaled $346 million as anticipation of a spot Bitcoin ETF approval spurs a new cycle in the market. According to analysts at CoinShares, the amount of gains recorded in nine weeks has become the highest since the 2021 bull run.
Bitcoin and Ethereum record massive surge
Market leader Bitcoin notched inflows of $312 million last week raking up the yearly total to $1.5 billion while short Bitcoin saw the third week of outflows with $0.9 million. Assets under management (AUM) has soared to its highest point in 18 months after it moved past $4.3 billion.
With rising prices and increasing decentralized finance (DeFi) activity, investors and crypto users are staking more coupled with acquisitions of more products through asset management increasing the sector’s AUM.
Ethereum has turned the tide on the altcoin front posting $34.8 million in inflows last week raising the positive run to four consecutive weeks after multiple weeks of outflows despite the launch of ETH ETFs. Ether now trades above the $2,000 mark although several commentators say the asset continues to trade below par as many asset managers rank it a favorite cryptocurrency.
Solana (SOL) which has been an institutional investor favorite for the major parts of the year notched inflows but was behind Ethereum as total flows to its products stood at $3.5 million. Other altcoins including Polkadot (DOT) and Chainlink (LINK) posted slight gains of $0.8 million and $0.6 million.
On the geographical front, Canada and Germany led the pack with 87% of the total inflows. While Canada recorded $199 million, Germany posted $101.5 million followed by the United States and Switzerland with $30.2 million and $14.6 million respectively.
ETF hype drives upturn
The bull run saw most virtual assets including Bitcoin, Ethereum, and Dogecoin hit all-time highs before a subsequent fall in 2022 due to weakened investor confidence caused by the collapse of Terra and FTX alongside wider economic factors like the Feds tackling inflation, etc.
This year the market has moved into the green zone with BTC posting over 128% increase year-to-date (YTD) while ETH is up 74% in the same period. The rise in the prices of assets was sparked by the application of BlackRock for a spot Bitcoin ETF.
Afterward, several firms made similar applications to the Securities and Exchange Commission (SEC) swinging wider institutional sentiment toward cryptocurrencies. Although the SEC has rejected previous spot Bitcoin ETF applications citing possible market manipulations, experts have projected that approval is imminent with recent developments.
https://twitter.com/cryptonews/status/1727701319043993954?s=46&t=sCvh3f3rMDfXyJcf1y1Eyg
- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- XRP Price Targets $5 as Whales Load Up – Is Another Surge Coming?
- What’s Happening In Crypto Today? Daily Crypto News Digest
- Brad Garlinghouse Calls Out 60 Minutes for Excluding Key XRP Ruling in Latest Crypto Feature
- Crypto Superpower Status Within Reach for US with Sensible Policies, Eric Trump Says
More Articles
in numbers
