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Digital asset investment products saw their second-lowest weekly inflows in the past eight weeks, totaling $270 million, according to Currency stocks“Most recent money flows a report. This brings the total inflows since the beginning of the year to $37.3 billion.
James Butterville, head of research at CoinShares, highlighted the unusual discrepancy in flows across different assets within the class. He noted that the minimal flow was partly due to the impact of newly launched options on products.
Despite their high initial volumes, options on US ETFs did not lead to a similar rise in ETF volumes, which fell from $34 billion the previous week to $22 billion.
Ethereum and XRP outperform Bitcoin.
while Bitcoin The company has been an outstanding performer in the market over the past year, as large-cap altcoins Ethereum XRP outperformed the leading digital assets last week.
According to a CoinShares report, Bitcoin faced its first major outflow since early September, with an inflow of $457 million. This outflow likely reflects profit taking amidst… Bitcoin’s recent rally towards $100,000.
In contrast, Ethereum saw a strong turnaround, attracting inflows worth $634 million. This has increased its year-to-date inflows to $2.2 billion, surpassing the $2 billion it received in 2021.
XRP also saw a record inflow of $95 million, driven by growing optimism around the asset and expectations about its potential. XRP ETF launched in the US. It is worth noting, The price of XRP has reached its highest level in seven years After exceeding $2, its market value reached a new peak of more than $150 billion.
US and Hong Kong lead flows.
At the regional level, the United States led with flows amounting to $266 million, followed by Germany with flows amounting to $12.3 million. Switzerland and Canada saw small outflows totaling $26 million and $10 million, respectively.
In Hong Kong, cryptocurrency exchange-traded funds saw notable inflows of $39 million, driven by the strong performance of Bitcoin ETFs.
According to SoSo value DataHong Kong’s three Bitcoin ETFs are approaching $500 million in net assets. The ChinaAMC Bitcoin ETF leads with $277.48 million, followed by the Bosera Hashkey Bitcoin ETF with $153 million. The Harvest Bitcoin Spot ETF has about $40 million in assets.
