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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Inflows into crypto products surpass $1B year-to-date – CoinsMegaNews

Inflows into crypto products surpass $1B year-to-date

2 years ago CryptoExpert
Inflows into crypto products surpass $1B year-to-date

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Digital asset investment products recorded inflows of $293 million last week.
Bitcoin saw $240 million, Ethereum $49 million and Solana $12 million.
A report by CoinShares shows year-to-date inflows have surpassed $1 billion.

Inflows into digital asset investment products hit $293 million last week, the seventh consecutive week of positive flows. 

According to data from asset manager CoinShares, the 7-week streak of inflows has brought the total year-to-date flows into crypto exchange traded products to $1.14 billion. This follows increased institutional interest that has pushed yearly inflows YTD to its third highest yearly level. 

Meanwhile, total assets under management (AuM) in cryptocurrencies have increased 9.6% this past week.

The weekly flows report shows total AuM stood at $44.3 billion last week, up 99% this year and at the highest level since May 2022.

Bitcoin inflows hit $240 million last week

In specific investment products, Bitcoin saw $240 million in inflows last week to bring the total YTD reading to $1.08 billion. ETP trading volume for the flagship cryptocurrency accounted for nearly 20% of volume on trusted exchanges.

James Butterfill, the head of research at CoinShares, notes that the increase in ETP volume compared to BTC trading volume is a rare occurrence that “suggests ETP investors are participating much more in this rally compared to 2020/21.”

Also notable were the inflows into Ethereum investment products.

According to CoinShares’ weekly report, inflows of $49 million last week was the largest for Ether since August 2022. The sentiment around Ether-based ETPs has improved significantly over the past two weeks. Notably, this outlook is unfolding as spot Ethereum ETF filings spark interest.

Solana sees huge inflows

Solana, one of the top performing crypto assets these past few weeks, also recorded notable inflows this past week. $12 million were poured into SOL products over the seven days , while the altcoin leads the segment with $121 million in year-to-date inflows.

The optimism is reflected in the SOL price, which had fallen dramatically in November 2022 as the market reacted to the collapse of FTX. At current levels of $59, Solana is trading 170% over the past 30 days and 315% over the past year.

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