CoinShares reported record-breaking inflows of $2.45 billion were observed last week, restoring assets under management (AuM) to December 2021 levels.
Amidst a meaningful market recovery, digital asset investment products welcomed a record weekly inflows of $2.45 billion. This pushed year-to-date inflows to now at an impressive $5.2 billion.
These numbers, combined with recent favorable price trends, have pushed the total assets under management (AuM) to $67 billion, the highest level since December 2021.
Solana Faces Investor Sentiment Takes a Hit
According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin received the majority – over 99% – of the inflows. This is despite the fact that a certain portion of investors seized the chance to increase short-bitcoin positions, resulting in $5.8 million in inflows over the past week.
Among the altcoins, Ethereum also experienced positive momentum with $21 million in inflows.
Its contender, Solana, has also been performing reasonably well since the beginning of this year. However, investor sentiment took a hit after the recent network outage, which lasted five hours due to a bug that made transactions enter an infinite loop, affecting its performance. CoinShares’ revealed that digital asset investments focused on Solana saw outflows of $1.6 million over the same period.
On the other hand, Avalanche, Chainlink, and Polygon attracted inflows of $1 million, $0.9 million, and $0.9 million, respectively, distinguishing themselves for consistently attracting weekly inflows throughout the year. Meanwhile, XRP settled with $0.4 million in weekly inflows.
Spot Bitcoin ETFs Drive Inflows in the US
As expected, the United States overwhelmingly led in inflows, accounting for 99% of the total at $2.4 billion. This surge reflects a notable uptick in net inflows spread across different providers, signaling a growing interest in spot-based ETFs.
At the same time, outflows from established players have significantly dwindled. In other regions, such as Germany and Switzerland, inflows were modest, amounting to $13 million and $1 million, respectively, whereas Sweden witnessed outflows totaling $2 million.
After recording continued inflows, investors in blockchain equity ETFs opted to cash in their profits, resulting in outflows amounting to $167 million.