Bitcoin rebounded with $260 million inflows after two weeks of outflows.
Investment products tied to digital assets registered $572 million in inflows last week, and reversed the early-week trend. Outflows reached $1 billion in the initial days, likely due to concerns over slowing growth following poor US payroll figures.
The tide turned in the latter half, with $1.57 billion flowing in after the government allowed digital assets in 401(k) retirement plans. Despite this, digital asset ETP trading volumes slipped 23% compared to the previous month. This decline is likely influenced by the seasonal summer slowdown.
Ethereum ETPs emerged as the clear winner as they led the market.
Ethereum Dominates Weekly Flows
According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, Ethereum attracted the highest inflows of any asset at $268 million, which lifted year-to-date inflows to a new record of $8.2 billion.
Price appreciation, as it topped $4,300 for the first time since 2021, helped drive assets under management to an all-time high of $32.6 billion, representing an 82% surge compared to the beginning of the year.
After two weeks of declines, Bitcoin recorded $260 million in inflows last week, while short bitcoin products shed $4 million. Altcoins performed well, with Solana gaining $21.8 million, XRP $18.4 million, and Near $10.1 million in inflows. Cardano, Chainlink, and Stellar also pulled in $1.5 million, $0.7 million, and $0.6 million, respectively. Litecoin also recorded a modest $0.1 million in inflows during the same period.
On the other hand, Sui emerged as an outlier to the trend with $3 million in outflows over the past week, the same as multi-asset products.
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US Leads But Europe Remains Bearish
Breaking down by region, the US and Canada recorded inflows of $608 million and $16.5 million, respectively. Next up were Australia with $7.1 million and Hong Kong with $1.4 million, in inflows.
However, Europe remained bearish, with Germany and Sweden seeing $33.5 million and $16.5 million outflows, respectively. Switzerland managed to buck the trend with $1.1 million in outflows.
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