Last week, digital asset investment products saw a net flow of $2.9 billion, marking two consecutive weeks of record inflows, according to the latest weekly report from CoinShares. report.
This achievement propelled digital asset products to a new annual net inflow record of $13.2 billion, surpassing the total inflow from the 2021 bull run of $10.6 billion.
Additionally, Bitcoin spot exchange traded funds in the United States have had a significant impact on the performance of digital asset products. This is evident in the total assets under management value of crypto ETPs, which reached an unprecedented milestone of $100 billion before a slight correction to $97 billion.
However, despite significant inflows, trading volume remained stable at $43 billion.
“Trading volumes totaled $43 billion for the week, unchanged from the previous week's records and representing 47% of overall bitcoin volumes,” said James Butterfill, head of research at CoinShares. added.
In the United States, Bitcoin dominates global flows.
Bitcoin remained the dominant force, with inflows totaling $2.896 billion, or 99.9% of the $2.916 billion total for the week.
A breakdown of flows between providers showed that the Grayscale GBTC ETF continued to see significant outflows, totaling $1.2 billion, bringing year-to-date outflows to $11.79 billion. ProShares BITO and Purpose ETF also saw outflows of $20 million and $36 million, respectively.
Conversely, BlackRock's IBIT ETF saw an inflow of $2.48 billion, surpassing its closest competitor, Fidelity FBTC, which attracted $718 million.
Geographically, the United States accounted for almost all inflows, attracting $2.95 billion, with Australia and Brazil also recording $5 million and $23 million, respectively.
However, countries like Canada, Germany, Switzerland and Sweden experienced capital outflows ranging from $9.7 million to $32.6 million.
While Bitcoin thrived, smart contract-based blockchain networks faced challenges last week, with Ethereum, Solana and Polygon experiencing varying outflows. Ethereum outflows reached $13.9 million, while Solana saw $2.7 million in outflows.
Remarkably, Short Bitcoin products saw positive net flow despite the prevailing bullish sentiment around Bitcoin, attracting $26 million in inflows for the week, bringing the year-to-date flow to $90 million.
Other assets that saw inflows last week include Polkadot with $3.1 million, Litecoin with $2.3 million, Multi-asset with $3.2 million, Binance with $1.5 million and Cardano with $1.2 million.