Crypto Inflows Surge, Nearing Annual Record: CoinShares Data
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Digital assets have experienced a remarkable week, this past week, with crypto inflows into investment products surpassing a substantial $2.7 billion, per the latest data from CoinShares. This surge brings the year-to-date total to an impressive $10.3 billion, edging closer to the all-time high of $10.6 billion recorded in 2021.
The market’s vigor is further highlighted by a record-breaking weekly trading turnover, reaching $43 billion, a significant increase from the previous week’s $30 billion.
The report also indicates that the recent price uptick has driven total assets under management (AuM) to a new peak of $94.4 billion, showing a robust 14% growth over the past week and an 88% increase since the beginning of the year.
The US Records Over $2.8 Billion in Crypto Inflows to Lead the Market this Week
A regional breakdown shows that the United States leads with $2.8 billion in inflows, followed by Switzerland and Brazil with noteworthy inflows of $21 million and $18 million, respectively. However, Canada, Germany, and Switzerland have seen profit-taking activities, resulting in outflows of $35 million, $77 million, and $39 million, respectively.
Bitcoin remains a focal point for investors, with $2.6 billion in inflows now making up 14% of the total AuM. Interestingly, even with rising prices, short Bitcoin positions have attracted an additional $11 million.
Solana, recovering from recent skepticism, has garnered $24 million in inflows. In contrast, Ethereum, despite solid year-to-date inflows, experienced slight outflows of $2.1 million. Other cryptocurrencies, such as Polkadot, Fantom, Chainlink, and Uniswap, also reported notable inflows ranging from $1.6 million to $2.7 million.
At the time of reporting, Bitcoin was trading at neutral levels around $72,000, with the total crypto valuation surpassing the $2.6 trillion mark. Blockchain equities, however, faced minor outflows totaling $2.5 million.
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