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US handles 99% of global crypto product inflows as $708 million enters market

Press Releases Crypto News CryptoSlate US handles 99% of global crypto product inflows as $708 million enters market

Crypto-related investment products saw a notable upswing in inflows last week, totaling a substantial $708 million, according to CoinShares’ latest weekly report.

This positive shift reverses two consecutive weeks of outflows from the industry, bringing the total Year-to-date flow to an impressive $1.6 billion. Altogether, the global assets under management for these products have risen to $53 billion.

“Trading volumes in ETPs fell to $8.2 billion compared to the prior week’s total of $10.6 billion, although remain well above the $1.5 billion week average in 2023. These volumes comprise 29% of Bitcoin’s total trading on trusted exchanges,” CoinShares Head of Research James Butterfill added.

Bitcoin dominates

Bitcoin experienced significant inflows of $703 million last week, comprising 99% of all flows to these investment products during this period.

Solana experienced a noteworthy $13 million inflow, surpassing other assets like Cardano, Litecoin, and XRP, which saw minor inflows of $600,000, $300,000, and $100,000, respectively.

Investors betting against BTC’s upward price trajectory withdrew approximately $5.3 million from Short Bitcoin products. Coincidentally, these outflows occurred the same week when the top digital asset’s price witnessed a reversal of its fortune, growing by around 3% to a peak of more than $43,700.

Similarly, Ethereum and Avalanche witnessed outflows of $6.4 million and $1.3 million, respectively, despite the positive reversal observed in the overall trend last week.

US still dominating flows.

Across regions, the United States is still dominating the flows thanks to the launch of the new spot Bitcoin ETFs. During the past week, the country witnessed a significant $721 million inflow, contributing to a four-week net inflow of $1.9

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Author: Oluwapelumi Adejumo

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