Investment products that invest in digital assets recorded an inflow of $293 million during the past week. This extended a seven-week streak of inflows that surpassed the $1 billion milestone. Cumulative inflows now amount to $1.14 billion, marking the third-largest recorded annual inflow.
Ethereum witnessed a significant turnaround in sentiment, welcoming its largest inflow since August 2022 of $49 million.
According to a report by CoinShares, the last two weeks marked a ‘real turnaround’ in sentiment for Ethereum, potentially linked to the recent application for a spot ETF in the U.S.
Among altcoins, Solana also recorded an inflow totaling $12 million, while Cardano settled with $0.8 million.
On the other hand, Litecoin and XRP recorded outflows of $0.3 million and $3.1 million, respectively.
The trading volume of Bitcoin ETP products accounted for up to 19.5 percent of the total volume on reliable exchanges, as stated in the asset manager’s report, which notes that such a phenomenon is rare and implies that ETP investors are actively engaging in this growth compared to the period of 2020-2021.
Meanwhile, Bitcoin witnessed an inflow of $240 million during the same period, contributing to a cumulative inflow of $1.08 billion.
Additionally, short positions in Bitcoin experienced an outflow of $7 million, indicating a sustained positive sentiment in the market.
Due to these inflows and the recent price increases, total assets under management (AuM) rose by 9.6 percent last week and recorded a growth of 99 percent since the beginning of the year.
The current total AuM stands at $44.3 billion, reaching the highest level since the significant failures of major crypto funds in May 2022.
