Investment in digital assets saw an influx of $2.2 billion last week, increasing total inflows since September’s rate cuts to $11.7 billion and lifting the year-to-date total to an all-time high of $33.5 billion.
While $3 billion flowed in during the early part of the week, a rise in Bitcoin’s price triggered $866 million in outflows towards the end. As a result, total assets under management stood at $138 billion earlier in the week.
CoinShares said that this upturn is likely driven by both a shift to easier monetary policies and the Republican party’s “clean sweep” in the recent US elections.
According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, Bitcoin recorded $1.48 billion in inflows. However, as the crypto asset climbed to its recent all-time high price above $93,000, some investors anticipated a correction and aimed to profit from a potential drop in price by shorting Bitcoin. This resulted in $49 million in short Bitcoin products.
Ethereum also rebounded, pulling in $646 million (5% of AuM), likely fueled by Justin Drake’s Beam Chain proposal and the US election results.
Meanwhile, Solana had $24 million in inflows, while XRP and Cardano saw $4.3 million and $3.4 million, respectively. Multi-asset products experienced outflows totaling $19.4 million, with Binance also witnessing a minor outflow of $0.4 million.
Regional sentiment was mixed. The US led with $2.2 billion in inflows, followed by Hong Kong, Australia, and Canada, which recorded $27 million, $18 million, and $13 million, respectively. Switzerland also recorded modest inflows of $2.5 million.
Meanwhile, investors in Sweden and Brazil took profits, resulting in outflows of $58 million and $10.5 million, respectively, while Germany, too, experienced an outflow of $6.8 million during the same period.
The post Crypto Inflows Surge to $2.2 Billion, Pushing Year-to-Date Total to Record $33.5B appeared first on CryptoPotato.
