Last week witnessed a remarkable milestone in the world of digital asset investment products, with an impressive $2 billion in capital inflows. According to data from CoinShares, this surge in investments has led to a cumulative inflow of $4.3 billion over the past five weeks. Exchange-Traded Products (ETPs) also experienced a significant increase in trading volumes, reaching $12.8 billion, marking a 55% rise from the previous week.
Bitcoin continued to dominate the market, attracting a massive $1.97 billion in inflows for the week. This surge helped push the total assets under management (AuM) above $100 billion for the first time since March. Notably, traditional investment providers saw a decline in outflows, signaling a shift in market sentiment due to weaker-than-expected macroeconomic data from the U.S.
Despite short-bitcoin products experiencing outflows for the third consecutive week, the U.S. led the way in inflows last week with $1.98 billion, with one day even recording the third-largest daily inflow on record. The iShares Bitcoin Trust outperformed the Grayscale fund, now boasting $21 billion in AuM.
Ethereum also experienced significant inflows last week, totaling $69 million, marking its most significant week since March. This surge is believed to be in response to the SEC’s unexpected approval of spot-based ETFs, which is anticipated to drive more capital into the Ethereum market, potentially increasing its price. Leading asset manager VanEck has projected Ethereum to reach $22,000 by 2030, driven by a sixfold increase in price per unit and a $66 billion cash flow.
While Bitcoin and Ethereum stole the spotlight, other crypto assets also saw notable activity. Fantom and XRP saw inflows of $1.4 million and $1.2 million, respectively.
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