Crypto assets investment products continue to drive strong attention and capital to the market. According to the latest Coinshares Digital Asset Fund Flows Weekly Report, the product received inflows at a weekly pace that totaled $598 million. This is the fourth week in a row that such flows have occurred, signaling continued interest in the space.
Year-to-date inflows have already more than realized a significant record above $5.7 billion. This is 55% of the inflows that had seen record highs for digital assets during the fiscal year of 2021, pointing toward a very promising start to investment in crypto assets. Meanwhile, during the week, total assets under management (AuM) rose to $68.3 billion levels, last seen right back in December 2021. But it’s far off the all-time high of $87 billion, last noted in November 2021.
The inflows indicate that the United States remains one of the most important destinations for crypto asset investments, with a total inflow worth $610 million. In this space, another key issuer, Grayscale, saw outflows further expand from last week to an amount of $436 million. Amounts were modest for both Brazil and Switzerland at $8.2 million and $2.1 million, respectively. However, Canada had outflows of $18 million, while Sweden had $8 million.
Crypto Spotlight, Bitcoin Dominates With $570M Inflows
Bitcoin continues to dominate the market, attracting significant inflows totaling $570 million last week alone. Consequently, recent price developments have seen investors make small inflows into short Bitcoin positions to the tune of $3.9 million.
The second-largest cryptocurrency, Ethereum, also attracted inflows of $17 million last week. There were further inflows worth $1.8 million for other altcoins like Chainlink and XRP at $1.1 million. However, Solana had outflows amounting to $3 million, which may be on the back of technical underpinnings lately that seem to impact sentiment.
On the other hand, blockchain equities saw outflows amounting to $81 million for the second week running. The same could have sent a message of cautious investor sentiment towards equities amidst the current scenario in the marketplace, as they were looking out for a safe haven in which to perceive value lying with digital assets over traditional equities.
Nevertheless, digital assets have continued registering strong inflows so far in previous weeks due to sustained interest from investors across the world. The sector seems set for an upward trajectory in the coming months. Even in front of occasional corrections and hiccups, it seems all set for growth.