Digital asset investment products have continued to see significant inflows last week, reaching the highest volume levels since July 2023, according to a new report.
Crypto investment products saw inflows for the second consecutive week, totaling $78 million, crypto asset management firm CoinShares reported in its weekly analysis report on Oct. 9.
According to CoinShares, the volumes of crypto exchange-traded products (ETPs) also surged by 37% last week, reaching $1.1 billion. Bitcoin (BTC) volumes also rose 16% on trusted exchanges, the report notes.
Solana (SOL), the eighth largest cryptocurrency by market capitalization, has continued to assert itself as the “altcoin of choice” as its weekly inflows reached the highest level since March 2022. At the time of writing, the cryptocurrency is up around 14% over the past 30 days but is still down about 32% over the past year, according to data from CoinGecko.
Solana (SOL) one-year price chart. Source: CoinGecko
Despite significant general growth in crypto product inflows, some major crypto investment products have been seeing more muted movements. The United States Ethereum futures exchange-traded funds (ETFs) — which debuted trading on Oct. 2 — attracted only around $10 million in the first week, highlighting “tepid appetite,” CoinShares reiterated.
Related: Bitcoin drives digital asset product inflows for the first time in 6 weeks: Report
In addition to asset-wise analysis, CoinShares also reported that 90% of all crypto asset inflows came from Europe, while the U.S. and Canada saw just $9 million of inflows combined.
Crypto flows by country of exchange. Source: CoinShares
According to the data, Germany and Switzerland were the biggest countries contributing to the inflow rise, posting $37.3 million and $31.3 million in inflows, respectively. Together, these countries accounted for 88% of all crypto asset products inflow last week.
The news comes as CoinShares works to expand its operations in the United States, introducing its first offerings in the country in September 2023. The company is confident that the U.S. is a global leader in terms of digital asset development and regulation.
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Source: https://cointelegraph.com/news/crypto-asset-products-post-largest-inflows-since-july
