Altcoin
10 weeks in a row – Here’s how crypto investment products are faring these days
Single-asset products have thrived as multi-asset funds saw $31M in outflows.
- Crypto investment products saw $3.2 billion in inflows last week, pushing total assets to $44.5 billion
- Bitcoin led with $2 billion in inflows – Ethereum maintained momentum with $1 billion last week.
Cryptocurrency investment products have maintained an impressive streak lately, recording over $3.2 billion in inflows this past week. This marked their tenth consecutive week of positive momentum.
This surge has pushed the total assets under management to an impressive $44.5 billion, as per CoinShare’s recent report.
How did the leading cryptocurrency perform?
As expected, Bitcoin [BTC] investment products remained dominant, attracting over $2 billion in inflows. Ethereum [ETH]-focused products followed closely, securing $1.089 billion and contributing to a year-to-date total of $4.44 billion.
The steady influx highlighted a growing investor appetite for digital assets, signaling increasing confidence in the cryptocurrency market amidst shifting financial landscapes.
Were altcoins able to give a good competition?
Ethereum maintained its upward trajectory, marking its seventh consecutive week of inflows and accumulating $3.7 billion during this period, with $1 billion added last week.
Among other altcoins, XRP stood out, recording $145 million in inflows as optimism grew around a potential U.S.-listed ETF.
Further boosting sentiment was Ripple’s stablecoin RLUSD, which recently gained approval from New York’s financial regulator. This can be interpreted to be a sign of increasing institutional confidence in alternative digital assets.
Additionally, Litecoin attracted $2.2 million, while Cardano [ADA] and Solana [SOL] saw inflows of $1.9 million and $1.7 million, respectively. For their part, Binance Coin and Chainlink secured modest inflows of $0.7 million each.
Despite these gains, however, multi-asset products faced setbacks, recording $31 million in outflows. This underlined the evolving investor preference for single-asset-focused investments.
Country-wise analysis
Here, it’s worth pointing out that the cryptocurrency market continued its positive momentum across global regions, with inflows recorded in the U.S. leading the charge with $3.14 billion.
Switzerland and Germany followed with inflows of $35.6 million and $32.9 million, respectively, while Brazil contributed a solid $24.7 million. Further support came from Hong Kong, Canada, and Australia, adding $9.7 million, $4.9 million, and $3.8 million.
On the contrary, Sweden bucked the trend, noting $19 million in outflows.
