Crypto Inflows Hit $598 Million in Fourth Straight Week of Growth
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The demand for digital asset investment products continues to rise, as the latest report from CoinShares shows that crypto inflows reached $598 million last week. This marks the fourth consecutive week of positive inflows, bringing the total number of inflows in 2024 to $5.7 billion. This accounts for more than half of the record inflows of $10.4 billion that were recorded in 2021.
Total assets under management (AuM) of digital asset investment products hit $68.3 billion earlier this week, the highest since December 2021, but still below the all-time high of $87 billion in November 2021.
US Investors Responsible for Highest Crypto Inflows Last Week
The US remains the leading market for crypto inflows, with $610 million flowing into US-based products last week. However, this was offset by $436 million in outflows from Grayscale, the world’s largest issuer of crypto products.
Brazil and Switzerland saw modest inflows of $8.2 million and $2.1 million, respectively, while Canada and Sweden experienced outflows of $18 million and $8 million, respectively.
Bitcoin attracted the most inflows, with $570 million last week, bringing the 2024 total to $5.6 billion. Some investors also entered short positions worth $3.9 million, taking advantage of the recent price surge.
Ethereum saw inflows of $17 million, while altcoins like Chainlink and XRP received $1.8 million and $1.1 million, respectively. Solana, however, experienced outflows of $3 million, possibly due to recent network issues.
Blockchain equities, stocks of companies involved in the crypto industry, saw outflows of $81 million last week, indicating a cautious approach by equity investors compared to crypto investors.
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