Digital Assets Investment Surge: Record Inflows Seen Since July 2023
Summary:
The report reveals a significant surge in digital asset investment products last week, with the highest volumes seen since July 2023. Crypto investments witnessed consecutive inflows, with Solana (SOL) becoming the preferred alternative coin. However, despite the overall growth in crypto investments, some key investment products, like the newly-launched US Ethereum futures exchange-traded funds (ETFs), seemed less appealing to investors. CoinShares' data highlights that the inflows were primarily driven by Europe, specifically, Germany and Switzerland.
Last week, investments in digital asset products escalated to their highest rate since July 2023, as revealed in a recent report. Crypto-asset management company, CoinShares, stated that crypto investments experienced inflows two weeks in a row, this time totaling $78 million, in their weekly review on October 9. The data from CoinShares also showed a 37% surge in the volumes of crypto exchange-traded products (ETPs), reaching $1.1 billion, with Bitcoin's (BTC) activities increasing by 16% on trusted platforms.
Solana (SOL), the cryptocurrency ranked eighth largest by market capitalization, has remained the “preferred alternative coin.” The highest level of weekly inflows was recorded since March 2022. At the moment, Solana shows an upward trend of approximately 14% within the past month, despite a yearly fall off about 32%, according to CoinGecko data.
Regardless of the overall significant influx in crypto investments, some key crypto investment products have witnessed rather lukewarm movements. The newly launched US Ethereum futures exchange-traded funds (ETFs) garnered only about $10 million in their inaugural week, reflecting an unimpressive investment interest, CoinShares stated.
Apart from the analysis on individual assets, Europe reportedly contributed to 90% of total crypto asset inflows while the US and Canada recorded a combined total of just $9 million. CoinShares' data highlighted Germany and Switzerland as the primary drivers of these inflows, with recorded inflow figures of $37.3 million and $31.3 million respectively. Collectively, both countries represented 88% of the total inflow into crypto asset products in the past week.
Recently, CoinShares has been making strides to broaden its reach across the US, having launched its pioneering offerings in the country in September 2023. The company maintains an optimistic view of the US being ahead globally in the fields of digital asset evolution and regulation.
Published At
10/9/2023 11:45:12 AM
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