Cryptocurrency-related investment products saw a notable increase in inflows last week, totaling a substantial $708 million, according to the latest weekly report from CoinShares. report.
This positive change reverses two weeks of departures industry, bringing the total flow so far this year to an impressive $1.6 billion. In total, global assets under management for these products have increased to $53 billion.
"Trading volumes in ETPs fell to $8.2 billion compared to the previous week's total of $10.6 billion, although they remain well above the weekly average of $1.5 billion in 2023 "These volumes comprise 29% of total Bitcoin trading on trusted exchanges," James, Head of Research at CoinShares Added butter filling.
Bitcoin dominates
bitcoin experienced significant inflows of $703 million last week, representing 99% of all flows into these investment products during this period.
solarium experienced a notable inflow of $13 million, surpassing other assets such as Cardano, Litecoinand XRPwho recorded receipts of less than $600,000, $300,000 and $100,000, respectively.
Investors who bet against BTC's upward price trajectory withdrew approximately $5.3 million from Short Bitcoin products. Coincidentally, these outflows occurred the same week that the price of the leading digital asset experienced a change of fortune, growing around 3% to a high of over $43,700.
Similarly, Ethereum and avalanche Outflows of $6.4 million and $1.3 million respectively were recorded despite the positive reversal seen in the overall trend last week.
The United States continues to dominate the flows.
Across all regions, the United States continues to dominate flows thanks to the launch of new Bitcoin spot ETFs. Over the past week, the country witnessed a significant inflow of $721 million, contributing to a four-week net inflow of $1.9 billion.
CoinShares explained that the cumulative inflow into these investment products since January 11 now amounts to $7.7 billion. However, this positive trend faces the challenge of a substantial outflow of $6 billion reported by established entities such as Bitcoin Trust in Grayscale.
Similarly, other regions such as Switzerland, Australia, France, Brazil and Germany recorded notable inflows, totaling around $26 million. However, outflows of $31 million from Canada dwarfed inflows from these countries.
As a result, BTC holdings of crypto exchange-traded products (ETPs) have fallen to approximately 890,000 BTC from the 900,000 BTC seen last week, according to ByteTree. data.
