Bitcoin and altcoin investment products saw a staggering US$293 million surge in interest last week. Its 7-week rolling inflows have surpassed the significant milestone of $1 billion. This sustained trend has increased year-to-date inflows to US$1.14 billion, the third highest annual inflows on record. Here are the details…
Which altcoin projects are in the focus of big investors?
Capital inflows not only fueled the crypto market but also triggered a significant 9.6% increase in total assets under management (AuM) last week. With a significant 99% increase since the beginning of the year, total AuM has now reached $44.3 billion, its highest point since the major crypto fund failures in May 2022. Particularly the entries in Solana and Cardano attracted attention. There was an outflow from Litecoin and XRP on a weekly basis.
One notable observation is the important role Bitcoin Exchange Traded Products (ETPs) have played in the recent market dynamics. Bitcoin ETP trading volumes accounted for an impressive 19.5% of total Bitcoin trading volumes on trusted exchanges. This notable shift indicates that ETP investors are actively participating in the current crypto rally, a trend quite different from the dynamics observed in 2020/21.
Bitcoin has a big inflow
Bitcoin itself also witnessed a significant inflow of US$240 million last week, taking year-to-date inflows to an impressive US$1.08 billion. This increase in Bitcoin investments was accompanied by a significant outflow of US$7 million from short Bitcoin positions, indicating the prevailing positive sentiment among investors.
Ethereum, the second-largest cryptocurrency by market cap, experienced its biggest inflow since August 2022, attracting US$49 million. This surge in Ethereum investments over the past two weeks is seen as a significant reversal in sentiment, likely influenced by anticipation surrounding demand for a spot-based ETF listing in the United States. In addition, Solana, another major player in the crypto space, saw further inflows totaling $12 million. In a parallel development, Blockchain stock ETFs recorded a significant inflow of US$14 million, marking the highest level since July 2022. This increase has contributed to a positive flow of US$11 million year-to-date, underlining the growing interest and confidence in Blockchain-related stocks.
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