Inflows into Bitcoin products surged by $116 million last week
- Digital asset investment products saw inflows of about $117 million last week, the biggest since July 2022.
- Bitcoin saw almost all of last week’s digital asset investment products inflows, with $116 million of the total.
- Total assets under management (AUM) rose $28 billion, roughly 43% from inflow lows recorded in November.
Bitcoin saw the most fund inflows this past week, with the benchmark cryptocurrency accounting for nearly all of the weekly inflows.
According to a weekly report digital asset manager CoinShares shared on Monday, crypto asset investment products recorded inflows of $117 million. It was the biggest week for inflows across digital asset investment products since July 2022.
Bitcoin products saw inflows of $116 million
Bitcoin accounted for nearly $116 million of the total digital assets products inflows. And as Bitcoin price rose above $23,000, inflows into Short Bitcoin products represented $4.4 million of weekly totals.
In other cryptocurrencies, inflows into Ethereum were $2.3 million and $1.1 million for Solana.
However, multi-asset investment products saw a ninth consecutive week of outflows with $6.4 million. Binance and XRP also saw outflows of around $400,000 and $200,000 respectively.
The spike in inflows pushed total assets under management (AUM) to over $2.8 billion, with the metric up by 43% from its November low. Investment products also saw an improvement in terms of weekly volumes.
Per the CoinShares report, $1.3 billion was traded, up 17% compared to the year-to-date average. The volume was also higher compared to the average of 11% for the broader crypto market.
In terms of various regions, Germany saw about 40% of the inflows for approximately $46 million, while Canada, the United States and Switzerland saw the next three largest inflow batches with $30 million, $26 million and $23 million respectively.