Digital Asset Investment Products Surpass $1 Billion Inflows, Setting New Records: CoinShares
In a groundbreaking development for the digital asset market, the latest Digital Asset Fund Flows Weekly Report by CoinShares reveals that investment products in the sector have experienced a remarkable surge, with inflows reaching a staggering $293 million in the past week alone. This substantial injection of capital marks the seventh consecutive week of positive momentum, propelling the cumulative inflows for the year past the $1 billion mark.
As of now, the year-to-date inflows stand at an impressive $1.14 billion, positioning 2023 as the third-highest year for inflows in the history of digital asset investments. The total assets under management (AuM) have witnessed a significant uptick, surging by 9.6% over the last week and an astonishing 99% since the beginning of the year. The current total AuM of $44.3 billion is a historic high, surpassing levels not seen since the crypto fund setbacks experienced in May 2022.
A noteworthy aspect of this surge in digital asset investment is the considerable role played by Bitcoin Exchange-Traded Products (ETPs). Bitcoin ETP trading volumes accounted for a substantial 19.5% of total Bitcoin trading volumes on reliable exchanges. This statistic suggests a noteworthy shift, with ETP investors actively participating in the current market rally, a trend that starkly contrasts with the dynamics observed during the 2020/21 period.
Bitcoin itself saw a robust influx of $240 million last week, contributing to the year-to-date inflows, which now stand at an impressive $1.08 billion. Notably, short-bitcoin products witnessed outflows of $7 million, indicative of sustained positive sentiment among investors.
Ethereum, the second-largest cryptocurrency by market capitalization, experienced its largest inflows since August 2022, amounting to $49 million. This surge in interest over the last two weeks signals a significant turnaround in sentiment, possibly attributed to the recent spot-based Exchange-Traded Fund (ETF) listing request in the United States. Additionally, Solana, a prominent altcoin, saw increased investor confidence, with inflows totaling $12 million.
Beyond cryptocurrencies, blockchain equity Exchange-Traded Funds (ETFs) recorded inflows of $14 million, marking the highest since July 2022. This positive movement has brought year-to-date flows into positive territory, totaling $11 million.
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