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10 weeks in a row – Here’s how crypto investment products are faring these days
For the tenth consecutive week, cryptocurrency investment products have seen an influx of funds, with $3.2 billion pouring in last week alone. This surge has propelled total assets under management to a staggering $44.5 billion, as per CoinShare’s recent report.
The digital asset space continues to witness unprecedented growth, fueled by increasing investor confidence and the ever-evolving regulatory landscape. In this context, it is crucial to analyze which investment products have been attracting the most attention and why.
As expected, Bitcoin [BTC] investment products took the top spot, raking in an impressive $2 billion in inflows. Meanwhile, Ethereum [ETH]-focused funds secured $1.089 billion in investments, further solidifying its position as a top choice for crypto enthusiasts.
While other altcoins failed to match this pace, some notable standouts include XRP, which garnered $145 million in investments as the anticipation surrounding a potential U.S.-listed ETF continues to build. The approval of Ripple’s stablecoin RLUSD by New York’s financial regulator has also contributed to growing optimism around the asset.
In addition to these developments, Litecoin attracted $2.2 million and Cardano [ADA] and Solana [SOL], despite not matching the top performers, garnered $1.9 million and $1.7 million in inflows, respectively. Binance Coin and Chainlink secured modest inflows of $0.7 million each.
In stark contrast to these gains, multi-asset products saw a significant outflow of $31 million last week. This underlines the growing preference for single-asset-focused investments within the crypto space.
Furthermore, the geographical distribution of investment highlights an interesting trend. The United States led the charge with $3.14 billion in inflows, followed by Switzerland and Germany with smaller, yet still substantial amounts of $35.6 million and $32.9 million respectively. Brazil contributed a solid $24.7 million, while Hong Kong, Canada, and Australia added $9.7 million, $4.9 million, and $3.8 million, respectively.
Meanwhile, Sweden bucked the trend by recording outflows of $19 million.
In conclusion, the cryptocurrency market continues to defy expectations, with investment products securing an unprecedented ten consecutive weeks of positive momentum.
Source: ambcrypto.com
