Bitcoin Dominates Weekly Inflows with 98%, While Solana Trails Behind
NEWS

Bitcoin Dominates Weekly Inflows with 98%, While Solana Trails Behind

15th Jan, 2024

CoinShares' recent "Digital Asset Fund Flows Weekly Report" revealed a significant surge in digital asset investment products, with a $1.18 billion increase in inflows last week. However, this figure fell short of the previous high set in October 2021, driven by futures-based Bitcoin ETFs that garnered $1.5 billion.

The report highlighted a record-breaking achievement in trading volumes for Exchange-Traded Products (ETPs), reaching $17.5 billion last week – a substantial leap from the 2022 weekly average of $2 billion. CoinShares' estimates indicated that these volumes constituted nearly 90% of the daily trading volumes on reputable exchanges, a notable deviation from the typical range of 2%-10%.

Bitcoin continued to steal the spotlight, securing a remarkable 98% of weekly inflows, totaling $1.16 billion and representing 3% of total assets under management (AuM). In contrast, Solana, after an impressive streak, only attracted $0.5 million in inflows, lagging behind Cardano and Litecoin, which received $1.4 million and $0.8 million, respectively.

The report also detailed minor inflows for short-bitcoin, totaling $4.1 million. Ethereum experienced a substantial $26 million in total inflows, while XRP saw $2.2 million. Polkadot settled with a modest $0.2 million in weekly inflows.

The United States dominated inflows, recording $1.24 billion, buoyed by the approval of the first-ever spot Bitcoin ETF by the Securities and Exchange Commission. Switzerland also witnessed significant activity, with inflows totaling $21 million. CoinShares' Head of Research, James Butterfill, noted outflows in Europe and Canada, possibly due to basic traders transitioning to the United States.

In a separate development, blockchain equities saw substantial inflows of $98 million, contributing to a cumulative total of $608 million in inflows over the past seven weeks.

The report underscores Bitcoin's enduring appeal in the market and the evolving dynamics among alternative cryptocurrencies.

Author

Emmanuel Nchuma





© 2021 - 2024 All Right Reserved: mecnix.com - info@mecnix.com