Bitcoin records weekly inflows of nearly $570 million, outpacing other top crypto assets, including ETH and XRP, which saw minor inflows of $16.8 million and $1.1 million, respectively.
CoinShares’ latest report shows that digital investment products witnessed a tremendous spike in inflows over the past week.
According to the report, investment products in these digital assets saw a weekly inflow of $598 million, marking the fourth consecutive week of inflows.
The report also noted that the cumulative inflows since the beginning of the year have surpassed a whopping $5.7 billion. Notably, the year-to-date figure represents 55% of the inflow recorded in the 2021 fiscal year.
Following the addition of $598 million worth of inflow, the total assets under management (AUM) across various digital investment products is currently around $67.47 billion.
Bitcoin Dominates Inflows
Out of the $598 million inflows recorded last week, Bitcoin (BTC) attracted approximately $570 million. As a result, Bitcoin’s year-to-date inflows surged to a whopping $5.6 billion, while its AUM hit $49.56 billion.
It is unsurprising that Bitcoin continues to record the most significant inflows in the past weeks. The approval of multiple Bitcoin spot ETFs in the United States has played a major role in attracting investments from TradFi investors to the top asset.
Furthermore, Ethereum saw the second-largest inflows in the past week, with its weekly inflow reaching only $16.8 million. In addition, Cardano (ADA) and XRP saw inflows of $400,000 and $1.1 million over the past week, respectively.
Solana (SOL) witnessed an outflow of $3 million this past week. This could be a result of a shift in investors’ sentiment due to Solana’s recent network outage.
U.S. Records Most Inflows
Meanwhile, the United States reported the most inflows at $610 million. The figure was majorly impacted by crypto asset manager Grayscale, whose outflows totaled $436 million in the past week.
Notably, Brazil, Switzerland, and Australia saw minor weekly inflows of $8.2 million, $2.1 million, and $1.5 million, respectively.
Blockchain Equities See $81M in Outflows
Despite the inflows into digital investment products, CoinShares’ data shows that blockchain equities saw $81 million outflows last week.
Per the report, this implies that equity investors are currently more cautious. Possible reasons behind this reaction include regulatory uncertainties and increased volatility in the market.
At press time, the global crypto market cap has surpassed $2 trillion, up 0.59% over the past day.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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