Digital asset investment products have experienced their seventh consecutive week of positive inflows, signaling a growing institutional interest in cryptocurrencies. CoinShares reported on Monday that last week's inflows totaled $293 million, pushing the year-to-date (YTD) figure beyond $1 billion.
Bitcoin has been leading the charge with an impressive $240 million inflow last week alone, which has contributed to its YTD total of $1.08 billion. This influx is part of a broader trend where the total assets under management (AuM) for cryptocurrencies rose by 9.6% last week, reaching a peak of $44.3 billion since May 2022.
James Butterfill, CoinShares' head of research, noted that the rise in exchange-traded product (ETP) trading volumes compared to Bitcoin trading volumes indicates more active participation in the rally. ETPs now account for nearly 20% of total Bitcoin volumes on trusted exchanges.
Ethereum also witnessed a significant uptick with inflows of $49 million last week, marking the highest since August 2022. The increased interest in Ether-based ETPs comes amidst filings for spot Ethereum exchange-traded funds (ETFs), including an application by BlackRock (NYSE:BLK).
In the altcoin sector, Solana has made a notable comeback following the collapse of FTX in November 2022. Last week, it saw inflows of $12 million and has led altcoins with YTD inflows of $121 million. Solana's price has seen a dramatic recovery, currently trading at $59, which is a 170% increase over the past 30 days and a 315% increase over the past year.
The sustained inflows over these seven weeks have significantly bolstered the total AuM in crypto investment products, nearly doubling since the start of 2023.
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