Digital Asset Investment Surges With Eighth Consecutive Week of Inflows

Bits Logics Team . 20th Nov 2023
news-box-alt
  • The digital asset investment products saw inflows totaling $176 million.
  • Canada, Germany, and Switzerland recorded inflows of $98 million, $63 million, and $35 million, respectively.
  • The global crypto market cap is valued at $1.42 trillion, observing a 2.19% increase over the last day.

In a blog, CoinShares, a European asset manager, reported that the digital asset investment products saw inflows totaling $176 million, marking the eighth consecutive week of inflows. The data further reveals that adding it up would bring the year-to-date inflows to $1.32 billion. 

James Butterfill, the author of the report, also highlights that the trading volumes in ETPs have averaged $3 billion per week, which is double this year’s average of $1.5 billion. Furthermore, the report points out that the ETP’s shares of total crypto volume are rising, averaging 11% compared to the long-term historical average of 3.4%. 

Out of the many inflows, Canada, Germany, and Switzerland recorded inflows of $98 million, $63 million, and $35 million, respectively. Meanwhile, the U.S. observed an outflow from future-based products totaling $19 million.

It seems that Bitcoins still continue to dominate after a $155 million inflow was noted.  The “short-bitcoin” saw outflows of $8.5 million last week. Explaining the reasons, Butterfill stated:

“We believe this continued positive sentiment is related to the imminent approval of a spot-based Bitcoin ETF in the US.” 

When it comes to the altcoin market, Solana, Ethereum, and Avalanche saw $13.6 million, $3.3 million, and $1.8 million, respectively. On the other hand, Uniswap and Polygon saw minor outflows of $0.55 million and $0.86 million, respectively.

At the time of writing, the global crypto market cap is valued at $1.42 trillion, observing a 2.19% increase over the last day. Moreover, CoinMarketCap’s Fear & Greed Index shows that the traders seem to be trading in a “Greed” sentiment, as the indicator is valued at 74.