Crypto investment products continue positive run after $1.35 billion net inflows
|- CoinShares' weekly report shows that crypto investment products saw a third consecutive week of inflows.
- Bitcoin saw inflows of $1.27 billion, with short-bitcoin recording more outflows.
- Ethereum-based products outperformed Solana on year-to-date inflows.
Digital asset investment products saw a third consecutive week of net inflows in the past week, totaling $1.35 billion as the crypto market rebounded.
Traditional investors remain bullish on crypto products
Cryptocurrency exchange-traded funds extended their positive net flow streak to a third week after seeing $1.35 billion in net inflows in the past week, according to CoinShares data. The move has brought its three-week run to a whopping $3.2 billion.
The US continued to dominate the geographical landscape, recording $1.28 billion in inflows. Switzerland continued to look good, with inflows worth $66 million. Germany, Brazil, and Hong Kong shed their holdings last week with $5.2 million, $1.7 million and $1.9 million in outflows, respectively. Canada and Australia also saw inflows of $7.8 million and $3.8 million in the past week.
Based on flows by asset, Bitcoin led the pack with an amazing performance of $1.27 billion last week. This was accompanied by a steady price recovery, which saw its price reach $67,265 on Friday. Bitcoin is trading around $67,695 at the time of writing.
In contrast, short-bitcoin ETFs witnessed increased outflows, with investors shedding $1.9 million worth of their holdings, bringing its total outflows since March to $44 million.
Meanwhile, Ethereum-based products surpassed Solana as the altcoin with the highest year-to-date (YTD) inflows. The top altcoin saw $45 million in inflows last week, bringing its year-to-date net inflows to $103 million. On the other hand, Solana saw $9.6 million in inflows, which brought its YTD net inflows to $71 million.
CoinShares stated that Ethereum's "outlook seems to have turned a corner." This may be due to the Securities and Exchange Commission's (SEC) expected approval of spot ETH ETFs later tomorrow.
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