Zach Anderson
November 25, 2024 at 12:16
Bitcoin ETFs saw record inflows of $3.12 billion last week, while Solana outperformed Ethereum with inflows of $16 million, according to CoinShares.
Bitcoin exchange-traded funds saw an unprecedented surge in inflows last week, totaling $3.12 billion, the largest ever, according to CoinShares. This significant increase contributed to a total of $3.13 billion in digital asset investment product flows for the week, bringing year-to-date flows to $37 billion.
Bitcoin and short bitcoin products
Bitcoin accounted for the lion's share of these flows, which amounted to $3 billion alone. The rise in Bitcoin prices also stimulated additional interest in short Bitcoin investment products, which saw inflows of $10 million. Notably, monthly inflows of short Bitcoin products reached $58 million, the highest level since August 2022.
Solana vs Ethereum
While Bitcoin dominated the inflow charts, Solana also made headlines by overtaking Ethereum in weekly inflows. Solana saw $16 million in new investments, compared to Ethereum's $2.8 million investment. However, Ethereum continues to lead on a yearly basis so far. Other altcoins such as XRP, Litecoin, and Chainlink attracted $15 million, $4.1 million, and $1.3 million, respectively.
Global market movements
As for inflows into the United States market, which amounted to $3.2 billion, they were partially compensated by outflows from European countries such as Germany, Sweden, and Switzerland, which totaled $40 million, $84 million, and $17 million, respectively. These areas saw recent price peaks as profit opportunities. Conversely, markets in Australia, Canada, and Hong Kong showed positive sentiment, recording inflows of $9 million, $31 million, and $30 million, respectively.
Multi-asset products and market sentiment
Despite the positive trend for individual cryptocurrencies, multi-asset investment products saw their second consecutive week of outflows, totaling $10.5 million. This may indicate a shift in preference among investors towards single asset strategies.
For more detailed information, visit the full report on Queen Shares Blog.
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