Digital Asset Investment Products Saw First Inflows In Six Weeks
- Digital asset investment products saw a $21 million inflow after six weeks, driven by Bitcoin.
- Solana shines with $5 million in inflows, while Ethereum faces seven weeks of outflows.
- Geographical disparities persist, with the US seeing outflows while Europe and Canada attract investments.
In a recent report by CoinShares, it was revealed that digital asset investment products experienced a turnaround, recording inflows for the first time in six weeks, totaling $21 million. This unexpected surge in investment comes after weeks of outflows, marking a noteworthy shift in the market.
Digital Asset Investment Products Rebound with $21 Million Inflows
Bitcoin investment products played a significant role in this surge, with a net inflow of $20.4 million for the week. Despite short-term Bitcoin outflows persisting, amounting to $1.5 million during the week, the overall trend reflects a positive sentiment toward the leading cryptocurrency, with outflows totaling $85 million since April.
Notably, the geographical disparity in investment trends persisted. The United States witnessed significant outflows, amounting to $19 million, while Europe and Canada enjoyed inflows of $23 million and $17 million, respectively. This divergence in investment patterns further highlights the dynamic nature of the cryptocurrency market.
Solana’s Stellar Performance Amidst Altcoin Trends
Solana, an emerging altcoin, displayed remarkable performance, attracting $5 million in inflows. This marks the 27th consecutive week of inflows for Solana in 2023, solidifying its status as one of the most favored altcoins this year. On the other hand, Ethereum continued its streak of outflows, enduring its seventh consecutive week of net outflows, totaling $1.5 million, making it one of the least favored altcoins currently.
While this recent surge in inflows can be attributed to a combination of positive price momentum and concerns over US government debt prices, it is important to note that overall market volumes, both in digital asset investment products and the broader crypto market, remain seasonally low.
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