In a recent release, the CoinShares report has shed light on a remarkable week for cryptocurrency investors. The report discloses a staggering net inflow of $1.84 billion, predominantly from the United States, into crypto investment products within a seven-day span. This period also marked the second-largest weekly contribution for the year, accompanied by a record-breaking $30 billion trading volume.
Investment Surge in Digital Assets
The analysis of the CoinShares report points to an overwhelming interest in Bitcoin, with 94% of the inflow directed towards the leading cryptocurrency, representing an addition of $1.72 billion. This surge positions the total value of crypto investment products at $82.6 billion, nearing the all-time high recorded in November 2021 after an additional net growth of $3.5 billion.
Altcoins and Funds Performance
Ethereum, the second most prominent cryptocurrency, witnessed its highest weekly inflow since mid-July 2022, amounting to $85 million. Meanwhile, Polygon (MATIC) also experienced a substantial inflow of $7.6 million, making up 22% of its total investment product’s value. On the contrary, Solana (SOL) faced a withdrawal of $12 million.
In contrast to the general market uptrend, the Short Bitcoin fund attracted $22 million, signifying a hedge against potential downturns. This diverse investment activity within the cryptocurrency space indicates a robust and dynamic market, with investors showing confidence in both established and emerging digital assets.
Overall, the report underscores a significant week for cryptocurrency investments, with a particular focus on Exchange-Traded Funds (ETFs) that have captured a notable portion of the market, especially with Bitcoin’s price hovering above $65,000.