CoinShares (Nasdaq Stockholm: CS; US OTCQX: CNSRF) is reporting that digital asset investment products saw $1.18 billion inflows last week (subject to T+2 settlement), although this did “not break the record set at the launch of the futures-based Bitcoin ETFs which totaled $1.5 billion back in October 2021.”
Coinshares further noted in its weekly update that ETP trading volumes did “break records though, trading $17.5 billion last week, the highest on record, compared to an average of $2 billion per week in 2022.”
These trading volumes represented almost 90% of daily trading volumes “on trusted exchanges last Friday, unusually high as they typically average between 2%-10%.”
As expected, the United States dominated, “seeing $1.24 billion of inflows last week, while Switzerland saw $21 million inflows.”
Coinshares suspect the outflows seen “in Europe & Canada (Canada $44 million, Germany $27 million & Sweden $16 million) were basis traders looking to switch from Europe to the US.”
Bitcoin saw $1.16 billion inflows last week, “representing a significant 3% of total assets under management (AuM), while short-bitcoin also saw minor inflows totaling $4.1 million.”
Ethereum saw inflows “totaling $26 million and XRP $2.2 million. Solana was the notable exception, seeing only $0.5 million inflows last week.”
Blockchain equities also “saw large inflows totaling $98 million, bringing total inflows over the last 7 weeks to $608 million.”
In another separate update, also shared this Monday, André Dragosch, Head of Research at ETC Group, noted that daily fund flows into crypto ETPs reached the highest level ever recorded during the week of ETF approvals.
ETC Group have also just released, at the time of writing, their latest edition of the ETC Group Crypto Market Compass with a special focus on global Bitcoin ETF fund flows last week.
Key takeaways from the ETC Group are as follows:
- Crypto-asset performances showed large dispersion amid a sell-the-news type of correction in the price of Bitcoin
- Our in-house “Cryptoasset Sentiment Index” has declined and is signalling a slightly bearish sentiment
To quote the ETC Group report:
“In general, we mostly saw net exchange inflows across crypto exchanges since the ETF approvals and only more recently, on Saturday and Sunday, we saw net exchange outflows across all exchanges. In this context, net exchange outflows generally imply buying interest as coins are sent off exchange into so-called “cold wallets.”
The report added:
“The market remains generally in a profit-position and even short-term holders’ unrealized profits are still relatively high. Besides, realized losses still remain relatively low. In other words, despite the most recent sell-off, the market has not experienced a significant capitulation yet.”
You can read the full report here.
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