According to the Weekly report published by CoinShares: The digital asset investment products recorded impressive inflows totalling $176 million last week. This marks the 8th consecutive week of inflows, taking the year-to-date inflows to $1.32 billion. However, this figure pales when compared to the inflows in 2021 and 2020, which stood at $10.7 billion and $6.6 billion, respectively.
The exchange-traded products (ETPs) share in the total crypto volumes is escalating, averaging 11%, much above the long-term historical average of 3.4%, as well as the averages noted during the 2020/21 bull market. Weekly trading volumes in ETPs have doubled this year's average, hitting $3 billion.
From a regional perspective, Canada, Germany, and Switzerland continued to record inflows amounting to $98 million, $63 million and $35 million, respectively. However, the US saw outflows from futures-based products totalling $19 million.
Reiterating its dominance in the crypto sector, Bitcoin accounted for $155 million of the inflows last week. The inflows over the past eight weeks account for 3.4% of total assets under management.
There were outflows of $8.5 million from short-bitcoin last week, which is interpreted as a positive sentiment related to the expected approval of a spot-based Bitcoin ETF in the US.
Altcoins such as Solana, Ethereum and Avalanche also witnessed inflows, with $13.6 million, $3.3 million, and $1.8 million, respectively. Meanwhile, Uniswap and Polygon saw minor outflows amounting to $0.55 million and $0.86 million respectively.
