Crypto Investment Vehicles Garner $1.44 Billion in Weekly Capital Inflows

CoinShares reports that crypto investment products have witnessed a remarkable $1.44 billion inflow over the past week. 

This surge has pushed the year-to-date (YTD) total to an unprecedented $17.8 billion, significantly surpassing the prior record of $10.6 billion set in 2021.

Regional distribution and trading volume insights

Most of last week’s inflows originated from the United States, contributing $1.3 billion. This robust participation underscores the region’s leading role in the global crypto market. Despite the significant inflows, the trading volume for the week stood at $8.9 billion, falling short of this year’s average weekly volume of $21 billion.

Internationally, Switzerland achieved its highest yearly inflow, while Hong Kong and Canada contributed $58 million and $55 million, respectively, followed by $24 million from other regions. This geographical spread indicates a global confidence in the market despite varying activity levels.

Performance of major Cryptocurrencies

Bitcoin led the charge with one of its most significant weekly inflows, amounting to $1.35 billion. This considerable investment comes despite recent market jitters caused by substantial Bitcoin sales by the German government and shifts in investor sentiment due to unexpected consumer price index (CPI) figures in the United States.

Ethereum also showed strong performance, attracting $72 million in investments, the highest since March. This interest likely stems from anticipation surrounding the potential approval of its spot ETF. Other cryptocurrencies like Solana, Avalanche, and Chainlink also saw considerable inflows, totaling $4.4 million, $2 million, and $1.3 million, respectively.

Exchange performance and traffic trends

The overall spot trading volume across significant exchanges declined 17% from the previous month. Specifically, Mexc’s trading volume dropped by 13%, while HTX and Bybit saw 7% and 2% reductions, respectively. In contrast, Upbit, Bitfinex, and Kucoin experienced more pronounced declines of 45%, 38%, and 32%, respectively.

Derivatives trading followed a similar downward trend, decreasing 19% from the previous month. Mexc was the exception among the exchanges, with a slight increase of 2%. Conversely, HTX and Crypto.com experienced a 9% drop each, with Gate and Deribit both seeing a 34% decline and OKX falling by 23%.

Web traffic declined by 1% across major crypto exchanges. However, Bybit, OKX, and Gate defied this trend with increases of 10%, 8%, and 8%, respectively. Traffic to Upbit and Coinbase decreased by 26% and 11%, respectively, and Crypto.com saw a 9% reduction.

The current landscape of crypto investment showcases both challenges and opportunities. Significant inflows highlight investor interest and geographical market dynamics despite fluctuations in trading volumes and exchange activities.

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