In the latest report from CoinShares, crypto investment products have seen a remarkable surge in inflows, marking the highest volume levels since July 2023.
Consistent Inflows and Robust Growth
For the second consecutive week, cryptocurrency investment products witnessed substantial inflows, with a total of $78 million pouring in, as revealed in CoinShares’ weekly analysis report on Oct. 9.
CoinShares highlights a notable 37% surge in the volumes of crypto exchange-traded products (ETPs) over the past week, reaching an impressive $1.1 billion. Notably, Bitcoin (BTC) volumes experienced a 16% rise on trusted exchanges during this period.
Solana (SOL) Emerges as Top Altcoin with Highest Weekly Inflows Since March 2022
Solana (SOL), the eighth-largest cryptocurrency by market capitalization, solidifies its position as the “altcoin of choice” with the highest weekly inflows since March 2022. Despite a 14% increase in the past 30 days, the cryptocurrency remains down by approximately 32% over the past year, according to data from CoinGecko.
While there’s a general uptrend in crypto product inflows, some major crypto investment products experience more restrained movements. United States Ethereum futures exchange-traded funds (ETFs), which debuted trading on Oct. 2, attracted only around $10 million in the first week, signaling a “tepid appetite,” as noted by CoinShares.
Regional Dynamics: Europe Dominates with 90% of Crypto Asset Inflows
CoinShares’ report also sheds light on the geographical distribution of crypto asset inflows. A staggering 90% of all inflows originated from Europe, with the U.S. and Canada collectively seeing only $9 million in inflows.
Germany and Switzerland emerge as the major contributors to the surge in inflows, posting $37.3 million and $31.3 million, respectively. Together, these two countries constitute 88% of all crypto asset product inflows for the last week.
CoinShares’ U.S. Expansion Amidst Growing Confidence in Digital Asset Development
This news coincides with CoinShares’ strategic move to expand operations in the U.S., introducing its first offerings in September 2023. The company expresses confidence in the U.S. as a global leader in digital asset development and regulation.
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