Digital asset investment products attracted inflows for the third week in a row, totaling $15 million. However, trading volumes remain 27% below the 2023 average.
Over the past week, Bitcoin saw inflows of $16 million, bringing the year-to-date inflows to $260 million, while short BTC products also received $1.7 million.
- Altcoins, however, did not have a great week, according to the latest edition of CoinShares’ “Digital Asset Fund Flows Weekly Report.”
- Digital asset investment products dedicated to Tezos, Litecoin, and Chainlink experienced outflows amounting to $0.25 million, $0.28 million, and $0.31 million, respectively.
- The past week was less favorable for the world’s largest altcoin, Ethereum, as well, recording outflows of $7.5 million.
- This is despite the fact that the market saw a flurry of nine Ethereum-based futures ETFs being approved by the United States Securities and Exchange Commission (SEC) in recent weeks.
- XRP-dedicated investment products, on the other hand, continued to serve as an outlier among fellow altcoins as they received modest inflows of $0.42 million, marking the 25th consecutive week of inflows this year.
- These consistent inflows highlight strong support from the investment community, particularly in light of successful legal challenges against the SEC.
- Moreover, the regional disparity remains persistent, with the United States continuing to experience limited inflows, while Europe saw net inflows totaling $7 million last week. Interestingly, Sweden was the sole country in Europe to register outflows during this period.