Investment products focusing on the flagship cryptocurrency Bitcoin ($BTC) have attracted over $1 billion of inflows over the past week, with total inflows for cryptocurrency investment products being of $1.11 billion, supported by Ethereum ($ETH) and Cardano ($ADA) products.
According to CoinShares’ Digital Asset Fund Flows report, these inflows have, coupled with recent price rises, seen the total assets under management for these products surge to the highest level they’ve been at since early 2022, at $59 billion.
Per the report, the newly issued spot Bitcoin exchange-traded funds (ETFs) in the United States have seen a net $1.1 billion of inflows last week, bringing their total since their launch to $2.8 billion as investors use them to gain exposure to the flagship cryptocurrency.
While the flagship cryptocurrency saw nearly 98% of total inflows over the past week, investment products offering exposure to Cardano and Ethereum, two smart contract platforms, saw significant inflows as well.
Products offering investors exposure to ETH saw $16 million of inflows, while Cardano-focused products saw $6 million. Avalanche, Polygon, and TRON investment products saw between $500,000 and $400,000 of inflows.
While BTC inflows were aided by the recently launched spot ETFs, Ethereum’s inflows come ahead of the launch of the network’s Dencun upgrade, which is scheduled to go live on the mainnet on March 13. The upgrade includes the introduction of proto-danksharding and blobs, aiming to significantly reduce transaction costs on layer-2 networks.
Meanwhile, Cardano has bee outshining other digital assets when it comes to cryptocurrency development activity, outperforming even BTC and ETH.
That’s according to data from on-chain analytics firm Santiment, which noted that the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM) came in second and third place respectively. Notably Optimism ($OP) came right after, ahead of other major digital assets.
The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.
Unlike other measures, Santiment’s metric focuses on “events” rather than the total number of commits. Events encompass various actions taken on GitHub repositories, such as pushing a commit, forking a repository, or creating an issue.
Featured image via Unsplash.
