According to a recent report by crypto asset management firm CoinShares, digital asset investment products experienced significant inflows in the past week, reaching the highest volume levels since July 2023. The report reveals that crypto investment products saw inflows for the second consecutive week, totaling $78 million.
CoinShares also noted that the volumes of crypto exchange-traded products (ETPs) increased by 37% last week, reaching $1.1 billion. Additionally, Bitcoin (BTC) volumes rose by 16% on trusted exchanges during the same period.
One standout cryptocurrency mentioned in the report is Solana (SOL), which is currently the eighth largest cryptocurrency by market capitalization. Solana has been dubbed the “altcoin of choice” as its weekly inflows reached the highest level since March 2022. Although Solana has seen a 14% increase over the past 30 days, it is still down by about 32% over the past year, according to data from CoinGecko.
While there has been significant growth in crypto product inflows overall, some major crypto investment products experienced more muted movements. CoinShares highlighted the United States Ethereum futures exchange-traded funds (ETFs) that debuted trading on October 2, attracting only around $10 million in the first week, indicating a “tepid appetite.”
CoinShares also provided insights into the geographical distribution of crypto asset inflows. The data shows that 90% of all crypto asset inflows came from Europe, while the United States and Canada combined saw only $9 million of inflows. Germany and Switzerland were the biggest contributors to the inflow rise, with $37.3 million and $31.3 million in inflows, respectively. Together, these countries accounted for 88% of all crypto asset product inflows last week.
Meanwhile, CoinShares has been actively expanding its operations in the United States. The company introduced its first offerings in the country in September 2023 and is confident in the U.S. as a global leader in digital asset development and regulation.
This news highlights the continued growth and interest in digital asset investment products. With significant inflows and increasing volumes, the crypto market is attracting investors from around the world. While some cryptocurrencies, like Solana, are experiencing positive momentum, others, such as Ethereum futures ETFs, are facing a more cautious market. However, overall, the report reflects a promising outlook for the crypto industry as it continues to gain traction and expand globally.