Cryptocurrency Inflows Report – Largest Since July

Cryptocurrency investment products, in a remarkable trend, witnessed consecutive weeks of substantial inflows, with a staggering $78 million pouring in, as reported by CoinShares.

In the preceding week, digital asset investment products continued their surge, reaching volume peaks not seen since July 2023, as detailed in a newly released report. CoinShares, the crypto asset management firm, disclosed that crypto investment products welcomed inflows for a second consecutive week, amassing an impressive $78 million, as per their weekly analytical report published on October 9.

Further insights from CoinShares indicate that the volumes of crypto exchange-traded products (ETPs) experienced a remarkable 37% surge over the last week, crossing the $1.1 billion mark. Bitcoin, in particular, witnessed a notable 16% rise in trading volume on reputable exchanges, as highlighted in the report.

Solana, currently ranking as the eighth largest cryptocurrency by market capitalization, continues to assert its dominance as the “altcoin of choice.” Weekly inflows for Solana recently reached their highest level since March 2022. As of the time of this writing, the cryptocurrency has demonstrated a robust 14% increase over the past 30 days. However, it remains down by approximately 32% over the course of the past year, based on data sourced from CoinGecko.

Despite the overall growth in crypto product inflows, some major crypto investment products have displayed more moderate activity. United States Ethereum futures exchange-traded funds (ETFs), which made their trading debut on October 2, attracted a relatively modest sum of around $10 million in the first week. This tepid response underscored a somewhat subdued appetite, as noted by CoinShares.

Beyond a comprehensive asset analysis, CoinShares also revealed that a substantial 90% of all crypto asset inflows originated from Europe. In contrast, the United States and Canada collectively saw only $9 million in inflows.

Breaking down the data further, it becomes evident that Germany and Switzerland played pivotal roles in driving the surge in inflows, contributing $37.3 million and $31.3 million, respectively. Together, these two nations accounted for an overwhelming 88% of all crypto asset product inflows during the past week. This development coincides with CoinShares’ strategic expansion efforts in the United States, where they introduced their inaugural offerings in September 2023. The company expresses confidence in the United States’ position as a global leader in the development and regulation of digital assets.

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