BTC
by BSCN
March 4, 2024
Notably, 94% of these inflows were directed towards Bitcoin, amassing a staggering $1.73 billion.
Crypto investment products witnessed the second-largest weekly inflow on record, amassing $1.84 billion, according to a recent report from CoinShares. The report highlights that 94% of these inflows were directed towards Bitcoin, totaling $1.73 billion.
Accompanying the substantial inflows, trading volumes in investment products reached an all-time high of over $30 billion for the week. Notably, these volumes, at times, constituted 50% of the global daily trading volumes of Bitcoin on reputable exchanges.
Following recent price increases, total assets under management (AuM) are on the verge of reaching the all-time high, standing at an impressive $82.6 billion. This figure falls just shy of the peak recorded in early November 2021 at $86 billion.
The report from CoinShares also sheds light on the exceptional performance of U.S. spot Bitcoin ETFs, which recorded a remarkable weekly trading volume of $22.3 billion. On Wednesday alone, daily volumes reached over $7.6 billion in trading.
While Bitcoin continues to dominate, Ethereum experienced its largest weekly inflows since mid-July 2022, totaling $85 million. However, despite this influx, the assets under management for Ethereum currently stand at $14.6 billion, still a notable distance from the peak of $23.7 billion.
In contrast, Polygon saw inflows of $7.6 million, representing 22% of its AuM. On the flip side, Solana experienced outflows of $12 million, indicating some investor reshuffling in the altcoin space.
An earlier CoinShares report from February 19 had already signaled the market's vitality, citing an influx of $2.45 billion in crypto asset investment products from Feb. 12 to Feb 16. This figure set a new milestone and contributed significantly to the year-to-date inflows, reaching an astonishing $5.2 billion.
Bitcoin is trading at $65,100, up 4.44% in the last 24 hours.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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