Crypto Investment Products Raises $78M In Inflows Last Week

Key Points:

• Crypto investment products attracted $78 million in inflows during the second consecutive week, with Bitcoin leading the way.
• Europe dominated with 90% of the inflows, while the US and Canada lagged behind with just $9 million combined.
• Solana had a standout week with $24 million in inflows, solidifying its position as a favored altcoin.

Crypto investment products experienced a second consecutive week of inflows, amassing a total of $78 million in investments, according to a CoinShare report.

Crypto Investment Products Surge: Strong Inflows and Divergent Sentiment

Alongside this surge in investor interest, trading volumes for Exchange-Traded Products (ETPs) also witnessed a substantial uptick, rising by 37% to reach $1.13 billion over the same week. Additionally, Bitcoin trading volumes surged by 16% on trusted exchanges, further emphasizing the growing enthusiasm for cryptocurrencies.

Regionally, the disparity in crypto investment products sentiment persists, with Europe dominating the scene by accounting for 90% of the inflows. In contrast, the United States and Canada collectively saw a modest influx of just $9 million, indicating a continued divergence in investor sentiment.

Bitcoin emerged as the primary beneficiary of this trend, attracting inflows amounting to $43 million in the past week. Interestingly, some investors perceived the recent price strength as an opportunity to bolster their short positions on Bitcoin, resulting in inflows of $1.2 million during the same period.

Solana Shines: Altcoin Attracts $24 Million in Inflows

Notably, Solana experienced its most substantial week of inflows, attracting US$24 million, marking its highest inflow since March 2022. Solana continues to establish itself as the preferred altcoin, particularly in light of recent Ethereum product launches.

The previous week presented a significant test for Ethereum’s investor appetite, following the introduction of six futures-based Exchange-Traded Funds (ETFs) in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.