Digital asset investment products saw inflows for the 3rd consecutive week totaling US $15m, although trading volumes remain 27% below the 2023 average, according to an update from CoinShares.
CoinShares also revealed in its report that Bitcoin saw $16 million inflows last week, “bringing the year-to-date inflows to US$260m, while short-bitcoin saw inflows of US$1.7m last week too.”
Last week was not positive for altcoins in general, “with Tezos, Litecoin and Chainlink seeing outflows totaling US$0.25m, US$0.28m and US$0.31m respectively.”
The CoinShares report also mentioned that digital asset investment products “saw inflows for the 3rd consecutive week totaling US$15m, although trading volumes remain 27% below the 2023 average.”
A regional divide persists, “with continued minimal inflows into the US, while Europe saw net inflows totaling US$7m last week, Sweden being the only country to see outflows.”
The report added that Bitcoin, the flagship cryptocurrency, saw steady inflows last week, bringing “the year-to-date inflows to US$260m, while short-bitcoin saw inflows of US$1.7m last week too.”
It is worth noting that CoinShares data, which is “as of Friday’s close, was unlikely to capture the positive news out of the US regarding the SEC not appealing the Grayscale legal challenge, potentially paving the way for a spot-based ETF in the US.”
As noted in the update, this past week was not too great for alternative coins (cryptos other than Bitcoin) in general, “with Tezos, Litecoin and Chainlink seeing outflows totalling US$0.25m, US$0.28m and US$0.31m respectively. XRP saw modest inflows amounting to US$0.42 million.”
As stated in the CoinShares report, this marks “the 25th consecutive week of inflows into XRP this year.”
The consistent inflows underscore “the investment community’s support, especially considering successful legal challenges against the SEC.”
Ethereum, despite the recent launch of a futures-based ETF, “has seen little appetite from investors, with outflows of US$7.5m last week, correcting much of the inflows seen the prior week.” This perhaps reflects “ongoing protocol design concerns.”