According to Coinshares, this inflow trend is not isolated to one specific cryptocurrency, but rather is broadly distributed across a variety of digital assets.
Major asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares all reported significant inflows, the report showed.
Which crypto asset led to the charges?
As expected, most investment still went into Bitcoin, with Ethereum and other altcoins making decent contributions.
According to the report, Bitcoin saw inflows of approximately $1.27 billion last week, with short-term Bitcoin exchange-traded products (ETPs) seeing further outflows of $1.9 million, bringing outflows since March to $44 million.
Notably, the stimulated volumes so far have resulted in a 45% weekly increase in ETP volumes, accounting for 22% of total volume in the broader crypto market.
In addition to Bitcoin’s continued dominance, Ethereum’s recent performance relative to other altcoins is also worth noting.
(Crypto-asset fund flows.)
CoinShares head of research James Butterfill noted a turning point in investor portfolio allocations, with Ethereum surpassing Solana in net inflows so far this year. Butterfill noted:
Ethereum’s outlook appears to have turned around, seeing another $45 million in inflows last week, surpassing Solana to become the altcoin with the most inflows year to date (YTD) at $103 million. Solana saw inflows totaling $9.6 million last week, but now lags behind Ethereum with inflows of $71 million.
This change can be viewed as significant as it suggests a larger rotation into the market, with investors likely realigning their portfolios with Ethereum as it continues to see potentially strong long-term growth prospects, such as the upcoming launch of its spot exchange-traded fund (ETF).
In addition, investment flows varied widely by region. While the United States and Switzerland topped the list by a wide margin, net outflows from Brazil and Hong Kong were small.
(Crypto-asset fund flows by region.)
Market performance over the past week
According to Coinshares, this inflow trend is not isolated to one specific cryptocurrency, but rather is broadly distributed across a variety of digital assets.
Against the backdrop of this growth, Bitcoin has staged a remarkable recovery, allowing its price to trade as high as over $68,000 earlier today and now trading below $67,000 at the time of writing.
Which crypto asset led to the charges?
In particular, according to the data, between the two assets, SOL has seen the largest increase over the past week, growing by 16.8%, which is a significant difference compared to ETH which only grew by 2.6% during the same period.
