Digital asset investment products experienced significant inflows last week, with a total of $1.44 billion, marking the fifth-largest weekly inflow on record. This surge brings the year-to-date (YTD) inflows to a record $17.8 billion, far exceeding the 2021 inflows of $10.6 billion.
Coinshares reports that Bitcoin saw the highest activity, recording $1.35 billion in inflows, the fifth-largest weekly inflow on record for Bitcoin. In contrast, short-Bitcoin products experienced the largest weekly outflows since April, amounting to $8.6 million.
Ethereum and Altcoins Attract Investors
Ethereum recorded $72 million in inflows, the largest since March, likely due to the anticipated approval of the spot-based ETF in the U.S. Other altcoins also saw positive activity, with Solana receiving $4.4 million, Avalanche $2 million, and Chainlink $1.3 million in inflows.
The U.S.. led regional inflows with $1.3 billion, reflecting a positive sentiment. Switzerland recorded its highest inflows this year, while Hong Kong and Canada saw $55 million and $24 million in inflows, respectively. Despite the high inflows, overall trading volumes remained low at $8.9 billion for the week, compared to the year-to-date weekly average of $21 billion.
The increase in inflows is attributed to price weakness and a shift in investor sentiment due to lower-than-expected CPI figures in the U.S. and Bitcoin sales by the German government. This environment prompted investors to bolster their positions in digital assets.
