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10 weeks in a row – Here’s how crypto investment products are faring these days
Crypto investment products have been experiencing an impressive streak, recording over $3.2 billion in inflows last week, marking the tenth consecutive week of positive momentum. This remarkable surge has pushed total assets under management to a staggering $44.5 billion, as per CoinShare’s recent report.
As one would expect, Bitcoin (BTC) investment products dominated the market, attracting an enormous $2 billion in inflows. Ethereum-focused products followed closely, securing $1.089 billion and adding to its impressive year-to-date total of $4.44 billion. This influx highlights a growing investor appetite for digital assets, signaling increasing confidence in the cryptocurrency market amidst shifting financial landscapes.
It is worth noting that altcoins were able to hold their ground, with Ethereum maintaining its upward trajectory by recording seven consecutive weeks of inflows and accumulating $3.7 billion during this period, with an additional $1 billion added last week. XRP stood out among other altcoins, securing a notable $145 million in inflows as optimism grew around the potential U.S.-listed ETF. The recent approval granted to Ripple’s stablecoin RLUSD by New York’s financial regulator further boosted sentiment, indicating increasing institutional confidence in alternative digital assets.
Additional notable gains were seen by Litecoin, which attracted $2.2 million, while Cardano and Solana recorded inflows of $1.9 million and $1.7 million respectively. On the other hand, Binance Coin and Chainlink secured modest inflows of $0.7 million each. Meanwhile, multi-asset products faced setbacks, recording a significant $31 million in outflows.
It is also important to note that this remarkable growth was seen across global regions, with the United States leading the charge, accounting for the majority of these inflows at $3.14 billion. The report highlights support from Switzerland and Germany as well, with inflows of $35.6 million and $32.9 million respectively. Additionally, significant gains were seen in Brazil, Hong Kong, Canada, and Australia, contributing $24.7 million, $9.7 million, $4.9 million, and $3.8 million respectively. However, the data reveals a stark contrast with Sweden, which saw an outflow of $19 million.
Despite this impressive streak, it is essential to remember that trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
Source: ambcrypto.com
