Inflows to digital asset investment products totaled $30 million last week. In contrast, the previous week, the inflows reached as much as $343 million, according to a new report from CoinShares.
According to the CoinShares report, last week’s $343 million in inflows was the largest single week of inflows since November 2021.
According to CoinShares, $30 million was reported as inflows to digital asset investment products last week. This brings total inflows since the beginning of the month to $394 million. Meanwhile, total assets under management (AuM) are back to their early June 2022 value of $30 billion.
Bitcoin and altcoins
Bitcoin recorded inflows totaling $19 million last week. In contrast, the previous week’s inflows were as high as $206 million. This represented the largest single week of inflows since May 2022 for the largest cryptocurrency.
In addition, the report noted that last week’s results brought month-to-date inflows of $221.5 million. Meanwhile, year-to-date inflows amounted to $241.3 million.
It is worth noting that the year-to-date inflows for Bitcoin represent 58% of the total year-to-date inflows for all assets. The latter reached $415 million, according to data from CoinShares.
Last week, the Short-Bitcoin product recorded inflows of $0.6 million. However, the asset’s AuM fell 9% from its July 13 peak of $145 million to $133 million. This occurred due to positive price action for Bitcoin.
By contrast, in the case of Ethereum, CoinShares said its total inflows last week amounted to $8.1 million. The largest altcoin recorded $120 million in inflows in the previous week.
According to the report, this represented the largest single week of inflows since June 2021 and “implied a turning point in sentiment after a recent 11-week run of outflows.” CoinShares said that with the upcoming Merge update, investor interest in Ethereum is gradually returning.
The altcoin’s performance last week put its total month-to-date inflows at $137 million. This represented a 35% share of the total $393.5 million recorded in this month’s inflows for all assets analyzed in the report.
CoinShares: Swiss people love cryptocurrencies
The CoinShares report shows that most of the inflows during the period under review came from Switzerland.
Last week, $16 million of the total $30 million recorded as inflows in digital asset investment products came from Switzerland. In the previous week, inflows from Switzerland totaled $356 million.
With inflows counted at $577 million since the beginning of this year, CoinShares said Switzerland remains “a favored region for digital asset investors.” The US and Germany lagged behind with small inflows of $9 million and $5 million, respectively.