The digital asset market sees significant growth as products see inflows of $78 million, the highest week since July.
a new one CoinShares Market Report shows significant growth in the market this week following an increase in investor appetite for crypto products in various jurisdictions.
According to the report, crypto products posted inflows for the second week in a row after previous weeks of outflows caused by falling market values and regulatory uncertainty in the United States.
Exchange-traded products (ETPs) also grew by 37% in the past seven days to $1.13 billion.
Bitcoin remains the biggest gainer
Bitcoin (BTC) posted an inflow of $43 million along with short Bitcoin positions posting gains of $1.2 million, following several weeks of outflows.
The past seven days have seen a massive jump as institutional investors continue to foray into the crypto space.
Ethereum (ETH) instead saw a slight boost following the launch of six exchange-traded funds (ETFs).
Although the funds attracted a total of $10 million in its first week, compared to Bitcoin’s massive $1 billion at the same time, it shows that institutional investors are not as bullish on Ethereum as they were in 2021
This can also be seen in the performance of ETH in the previous week, as the leading altcoin recorded outflows of $1.5 million marking negative results for seven consecutive weeks.
Solana (GROUND) has remained a favorite among institutional investors in recent months and continued to do so last week.
The altcoin recorded $24 million in outflows, its highest since March 2022. Solana has now he took advantage of 27 consecutive weekly innings with only your exits this year, marking their authority despite the key launch of ETH this week.
Solana is trading at $22.22 up 4% on the day and up more than 30% in the last 12 months. The past seven days also saw Bitcoin volumes grow by 16% on trusted exchanges.
Last week, the total crypto market product reversed course for the first time with $21 million in inflows after six consecutive weeks of outflows.
Europe surpasses the United States
In recent weeks, US investors have suffered a major pullback as Europe records the highest numbers of crypto products.
Last week, 90% of admissions came from Europe, while the US and Canada fought for the rest for a total of $9 million.
Germany and Switzerland led the pack as they accounted for $37.3 million and $31.3 million respectively, accounting for 88% of total weekly receipts.
Europe has prevailed over the United States clarity of rules while the US continues to hold back regulations leading to several court cases involving the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and crypto companies.