For the fourth week in a row, digital asset funds welcomed an incremental $66 million in investments, as per the newest CoinShares insights. The asset tally under scrutiny has peaked at $33 billion, a zenith not seen since mid-August. Continuing their streak, digital asset products registered a $66 million inflow over the last four weeks. Assets under management (AuM) now stand at a robust $33 billion.
Keypoints
- These inflows are most probably connected to the buzz about a potential launch of a spot bitcoin ETF in the US, yet the figures are subdued compared to June's announcements, hinting at a more careful investor sentiment.
- Solana attracted an additional $15.5 million last week, elevating its yearly inflow to $74 million, which constitutes 47% of its AuM, crowning it as this year's leading altcoin.
- Bitcoin products absorbed 84% of the aggregate inflows, lifting the cumulative yearly figure to $315 million.
- On the other hand, Ethereum faced further withdrawals totaling $7.4 million, making it the sole altcoin to experience net outflows last week.
- While the recent inflows likely reflect enthusiasm over potential US approval of a spot bitcoin ETF, they fall short when compared to June's BlackRock-driven surge, which saw $807 million funneled into digital assets over four weeks.
'The current milder inflows, despite the positive Grayscale versus SEC decision, indicate a more prudent approach by investors as anticipation heightens over bitcoin ETF prospects,' expressed James Butterfill.
As highlighted in the report, 84% of this week's inflows concentrated on bitcoin products, thus amplifying the year-to-date inflows to $315 million. Earlier, price hikes sparked shorting activities worth $23 million on bitcoin, but confidence waned and these positions were largely closed by week's end. CoinShares Research .
Solana continued its momentum with an extra $15.5 million, taking its annual total to $74 million. This sum represents a dominant 47% of its total AuM, securing its status as the most sought-after altcoin in 2022.
Solana was the outlier Ethereum led the way in outflows, shedding $7.4 million, marking it as the only altcoin to lossmoney according to CoinShares' last week's data.
In contrast, continued concerns around Ethereum The narrative points to a tempered enthusiasm among crypto backers keen for a spot bitcoin ETF while remaining uncertain about its approval and timeline. With slowed inflows relative to June, there's a clear trend of measured expectations this season.
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