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Recently, the digital asset market has experienced a significant milestone with a record $1bn in inflows, pushing the year-to-date total to an impressive $14.9bn. This surge in investor interest and confidence is a clear indicator of the growing appeal of digital assets, especially Bitcoin and Ethereum.
Bitcoin Dominates the Inflows
According to CoinShares, the majority of the inflows were directed towards Bitcoin ETPs, with a whopping $1.01bn coming in just last week. This surge in Bitcoin investments has played a crucial role in achieving the record-breaking figures for this year.
Interestingly, despite the rise in Bitcoin investments, short-Bitcoin products saw outflows of $4.3m, hinting at a shift in market sentiment towards a more positive outlook for Bitcoin. This shift could be attributed to the recent FOMC minutes and macroeconomic data, which investors view as slightly dovish.
Ethereum and Other Digital Assets See Growth
Alongside Bitcoin, Ethereum also saw a substantial influx of $36m for the week, marking its highest weekly inflow since March. The approval of ETH ETFs in the US likely contributed to this increase. Additionally, assets like Solana received $8m in inflows last week.
Insights from Different Regions
The majority of inflows were seen in the US, accounting for $1.03bn of the total. Grayscale, a key player in the market, experienced a significant reduction in outflows, dropping to just $15m for the week. Europe also showed positive signs, with Germany and Switzerland recording inflows of $48m and $30m respectively.
However, not all regions experienced positive movements. Hong Kong, despite the initial surge from Bitcoin spot-based ETFs launch, saw outflows of $29m last week.
Market Overview
With the recent price increases, the total value of digital asset ETPs has reached $98.5bn, and weekly trading volumes have risen by 28% to $13.6bn. The consistent inflows over the past few weeks reflect a growing interest and confidence in the digital asset market.
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