Helen Partz12 hours agoCrypto investment products see largest inflows since July — CoinSharesCryptocurrency investment products saw inflows for the second consecutive week, totaling $78 million, according to CoinShares.2936 Total views59 Total sharesListen to article 0:00NewsJoin us on social networksDigital asset investment products continued to see significant inflows in the past week, reaching the highest volume levels since July 2023, according to a new report.
Crypto investment products saw inflows for the second consecutive week, totaling $78 million, crypto asset management firm CoinShares reported in its weekly analysis report on Oct. 9.
According to CoinShares, the volumes of crypto exchange-traded products (ETPs) also surged by 37% last week, reaching $1.1 billion. Bitcoin (BTC) volumes rose 16% on trusted exchanges, the report notes.
Solana (SOL) — the eighth largest cryptocurrency by market capitalization — has continued to assert itself as the “altcoin of choice” as its weekly inflows reached the highest level since March 2022. At the time of writing, the cryptocurrency is up around 14% over the past 30 days but is still down about 32% over the past year, according to data from CoinGecko.Solana one-year price chart. Source: CoinGecko
Despite significant general growth in crypto product inflows, some major crypto investment products have seen more muted movements. United States Ethereum futures exchange-traded funds (ETFs) — which debuted trading on Oct. 2— attracted only around $10 million in the first week, highlighting “tepid appetite,” CoinShares stated.
Related:Bitcoin drives digital asset product inflows for the first time in 6 weeks: Report
In addition to asset-wise analysis, CoinShares also reported that 90% of all crypto asset inflows came from Europe, while the U.S. and Canada saw just $9 million of inflows combined.Crypto flows by country of exchange. Source: CoinShares
According to the data, Germany and Switzerland were the biggest countries contributing to the inflow rise, posting $37.3 million and $31.3 million in inflows, respectively. Together, the two countries accounted for 88% of all crypto asset products inflow last week.
The news comes as CoinShares works to expand its operations in the U.S., introducing its first offerings in the country in September 2023. The company is confident that the U.S. is a global leader in digital asset development and regulation.
Magazine:Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis# Bitcoin# Europe# Adoption# United States# CoinShares# SolanaAdd reactionAdd reactionRead moreHow to earn passive income with peer-to-peer lendingMacro factors to spark next crypto bull market in Q2 2024, Real Vision’s Raoul Pal saysHow will CBDCs be used for political oppression in your country?