European CoinShares releases its weekly report
$78 million flowed into digital asset investment products last week
The highest inflow since July
Big money again flows into the global cryptocurrency market, primarily in Europe. In North America, funds are still not pouring in, continuing a weak trend.
CoinShares, a European cryptocurrency asset management company, revealed in its weekly report on the 9th (local time) that $78 million flowed into digital asset investment products last week. CoinShares added that this was the highest inflow since July.
Exchange Traded Products (ETPs) trading volume increased by 37% to $1.13 billion, and Bitcoin’s trading volume increased by 16%.
Bitcoin received the most funds, with $42.7 million flowing in just last week, and Solana with $23.9 million. Ethereum saw an inflow of only $10.2 million.
CoinShares stated, “Solana had the highest inflow of funds in a week since March 2022,” and “Considering the recent launch of Ethereum products, Solana continues to establish itself as the top altcoin.”
Ethereum was tested last week as six futures-based ETFs were launched in the U.S., gauging investor interest. Over the past week, about $10 million flowed into Ethereum ETFs, contrasting with the Bitcoin futures ETF, which saw $1 billion flow in just the first week.
CoinShares argued that comparing Ethereum ETFs with the Bitcoin ETF launched in October 2021 is unfair.
Last week, Europe, particularly Germany and Switzerland, led the significant influx of funds. In Germany, $37.3 million flowed in last week, and in Switzerland, $31.3 million flowed in.
On the other hand, only $9 million flowed in combined from the U.S. and Canada. CoinShares explained this as “a divergence in investment sentiment.”
By. Sung-il Hong (hong62@theguru.co.kr)
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