Inflows into crypto products exceed $1B year-to-date
Digital asset investment products brought in $293 million in revenue last week. Bitcoin saw $240 million, Ethereum $49 million and Solana $12 million. CoinShares reports that year-to-date revenues have exceeded $1 billion.
Inflows into digital asset investment products reached $293 million last week, marking the seventh consecutive week of positive inflows.
According to data from asset manager CoinShares, the 7-week inflow brought the total annual inflow to crypto exchanges to $1.14 billion. This follows institutional demand that has boosted annual earnings YTD to the third highest annual level.
Meanwhile, total assets under management (AuM) in cryptocurrencies rose 9.6% last week.
The weekly flow report showed that total AuM stood at $44.3 billion last week, up 99% this year and the highest level since May 2022.
Last week, Bitcoin revenue reached 240 million dollars
In certain investment products, Bitcoin saw $240 million in inflows last week to bring the total YTD reading to $1.08 billion. Trading volume for major kriptovalyutnyh ETP accounts for about 20% on trusted exchanges.
James Butterfill, head of research at CoinShares, noted that the increase in ETP volume compared to BTC trading volume is a rare phenomenon, adding that “ETP investors are participating more in this rally compared to 2020/21.”
The foray into Ethereum investment products is also noteworthy.
According to CoinShares Weekly, last week's $49 million inflow was the largest for Ether since August 2022. In particular, this view is being observed as Ethereum ETFs increase interest.
Solana will see higher revenues.
Solana, one of the top performing crypto assets in recent weeks, recorded significant gains this past week. In seven days, $12 million flowed into SOL products, while the altcoin led the segment with $121 million in year-to-date revenue flow.
The optimism was reflected in the price of SOL, which fell sharply in November 2022 as the market reacted to the FTX collapse. At its current level of $59, Solana is trading 170% over the past 30 days and 315% over the past year.
