CoinShares Reports Fourth Week of Capital Inflow in Crypto Market

For the fourth week in a row, digital asset investment products have experienced net inflows, with Solana claiming the largest portion of altcoin inflows, as reported by CoinShares.

Crypto Products Attracted $66M Last Week: CoinShares

As per the CoinShares report, digital asset investment products attracted $66 million in net inflows last week, continuing a trend of four consecutive weeks of positive inflows, accumulating a total of $179 million during this time frame.

Collective AUM Surges to $33B

The CoinShares report on digital asset fund flows revealed that the collective assets under management for fund managers such as CoinShares, Bitwise, Grayscale, ProShares, and 21Shares have surged to a staggering $33 billion.

Analysts at CoinShares stated: “While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the U.S., they are relatively low in comparison to June announcements.” 

BlackRock ETF News Boosted Inflow: CoinShares

Furthermore, the analysts highlighted that after BlackRock submitted its application for a spot Bitcoin ETF in June, there were four consecutive weeks of inflows amounting to $807 million. He pointed out: “This suggests that the lower inflows this time round, despite the positive news from the Grayscale vs SEC court ruling, are indicative of investors adopting a more cautious approach this time.” 

Solana Saw the Highest Inflow

During the past week, the majority of the inflows, accounting for 84%, went into bitcoin investment products, contributing to year-to-date inflows of $315 million.

Notably, Solana garnered the most substantial share of inflows among alternative cryptocurrencies. Solana attracted an additional $15.5 million in inflows during the past week, accumulating a total of $74 million in year-to-date inflows. As per the report, this positions Solana as the leading choice among altcoins this year.

Other than Solna, which is confronting an ongoing series of challenges, ether is the only altcoin to see outflows last week. Ethereum (Ether) experienced outflows amounting to $7.4 million, leading to a decrease in total assets under management, which now stands at $6.7 billion.