Bitcoin funds draw fifth-largest weekly inflow
Key Takeaways
- Digital asset investment products saw $1.44bn inflows, pushing YTD total to $17.8bn.
- Bitcoin led with $1.35bn inflows, marking the 5th largest weekly inflow on record.
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Digital asset investment products saw $1.44 billion in inflows last week, pushing year-to-date (YTD) inflows to a record $17.8 billion, surpassing the 2021 total of $10.6 billion. Bitcoin (BTC) led with $1.35 billion in inflows, marking the 5th largest weekly inflow on record.
Additionally, the funds indexed to short Bitcoin positions saw outflows of nearly $9 million, signaling a positive sentiment by investors last week.
Ethereum (ETH) attracted $72 million in deposits, its largest inflow since March, likely due to anticipation of a US spot-based exchange-traded fund (ETF) approval. Notably, the inflows made ETH’s YTD netflows positive again, amounting to $57 million.
Moreover, the multi-asset funds registered $17.2 million in inflows, the second-largest weekly amount for altcoin-indexed funds. This could sign an appetite for diversification by investors.
Other altcoins saw modest inflows, with Solana at $4.4 million, Avalanche at $2 million, and Chainlink at $1.3 million.
Regionally, the US dominated regional inflows with $1.3 billion, followed by Switzerland, Hong Kong, and Canada with $58 million, $55 million, and $24 million respectively. Switzerland’s inflow marked a record for the year.
Despite the significant inflows, trading volumes remained low at $8.9bn for the week, compared to the year’s average of $21 billion.
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Author: Gino Matos
