YTD Digital Asset Inflows Surge to $17.8B, Shattering 2021’s Record

With prices still weak over the past week, cryptocurrency investment products saw significant buying activity, with inflows reaching $1.44 billion during the period. This brings the total year-to-date inflows to $17.8 billion, breaking the previous record set three years ago.

However, despite this strong flow, CoinShares reported that trading volumes remained relatively low at $8.9 billion during the week, compared to the 7-day annual average of $21 billion.

Bitcoin and altcoins see significant inflows

Bitcoin continued to dominate the charts, posting the fifth-largest weekly inflow ever at $1.35 billion. Short Bitcoin, on the other hand, saw significant outflows, with $8.6 million leaving. This marks the largest weekly inflow since April.

In the latest edition of CoinShares’ weekly digital asset fund flows a reportThe asset manager attributed the surge in inflows to investors taking advantage of weak prices, which were partly influenced by BTC sales by the German government and a shift in sentiment due to weaker-than-expected US CPI numbers.

Among altcoins, Ethereum stood out, attracting $72 million in inflows. Interestingly, the inflow figure was the highest since March and was likely driven by anticipation of a potential U.S. ETF approval. Other altcoins also saw positive inflows, with Solana, Avalanche, and Chainlink receiving $4.4 million, $2 million, and $1.3 million, respectively.

Additionally, Litecoin, XRP, and Cardano attracted weekly inflows of $1.2 million, $1 million, and $0.7 million, demonstrating strong investor interest across a variety of digital assets despite the broader market downturn.

Positive vibes all over the world

Regionally, the United States continued to lead with $1.3 billion in inflows during the week. Coinshares said positive sentiment was seen globally, with Switzerland, Hong Kong and Canada particularly notable with inflows of $57.5 million, $54.6 million and $24.2 million respectively. Switzerland set a record for the year.

During the same period, Germany, Australia, Sweden and Brazil recorded weekly inflows of $11.7 million, $5.8 million, $1.6 million and $1.3 million, respectively.