Inflows into digital assets investment products continued for a second straight week, amounting to $180 million, the latest CoinShares report says.
Additionally, late trade reporting pushed up the year’s largest inflows to date last week from $193 million to $244 million.
The report noted that these consecutive weeks of significant inflows have raised year-to-date net flows to $501 million. This also contributed to a recovery of total assets under management, which now stands at $61 billion, the highest since the beginning of the year.
CoinShares also highlighted regional discrepancies, with 99% of inflows coming from Europe, and only $1.7 million of inflows being registered in the Americas.
Inflows reach $350 million, says CoinShares
As usual, Bitcoin-based investment products saw a majority of inflows, totaling $144 million. This brings year-to-date inflows to $350 million, which represents 0.9% of assets under management (AUM).
However, the report noted that year-on-year inflows have been lagging, as Bitcoin-based products saw inflows totaling $3 billion in the first quarter of last year, “a particularly euphoric period for the asset.”
Meanwhile, Ethereum-based investment products experienced a second consecutive week of inflows amounting to $23 million, which followed two weeks of outflows amounting to $68 million. Although this represents an improving sentiment, Ethereum-based products have struggled this year, with net flows still running negative at $111 million.
The report underscored the contrast with the first quarter of last year when inflows amounted to $705 million.
Other altcoin-based investment products also experienced inflows this past week, with Solana and Cardano recording $8.2 million and $1.8 million respectively.
CoinShares noted that Solana had become the third best performing investment product so far this year, as year-to-date inflows had topped $103 million.
Interestingly, short-Bitcoin investment products, which retain only $9 million of AUM, saw a proportionally significant amount of inflows over the past week at $1 million.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
