coinedition.com
A CoinShares report reflects Bitcoin as the primary focus of investors in the cryptocurrency market. CoinShares is a prominent digital assets management company in Europe.
According to the latest edition of CoinShares’ weekly report, investment products received $79 million in inflows in the past week. Out of this volume, Bitcoin claimed $69 million, representing 90% of the total inflows.
Ethereum, the second-largest cryptocurrency in market capitalization per multiple reports, was responsible for only $0.7 million of the weekly inflows. Other altcoins like Solana, Cardano, and Polygon attracted inflows of $0.5 million, $0.6 million, and $0.3 million, respectively.
This report by CoinShares is the fourth straight weekly inflow, culminating in a year-to-date period when the crypto market has attracted a significant $230 million in inflows. The report noted how this latest trend reshaped investors’ sentiments since the beginning of 2023. It also highlighted a 39% rise in total investment assets under management (AuM). In a year-to-date measurement, the AuM rose to $30.0 billion, its highest level since the middle of August 2022.
From the regional perspective, the regions that CoinShares identifies as having the highest inflows are the U.S, Canada, and Germany. The inflows from these regions are $38 million, $25 million, and $24 million, respectively.
As mentioned earlier, Bitcoin’s total weekly inflow amounted to $69 million. CoinShares recognizes the significance of this volume. However, observing an $8.2 million inflow from short-Bitcoin highlights a divided opinion over how far the current price rally will go.
The data gathered by CoinShares deduced that investors in the cryptocurrency industry still favor Bitcoin as a preferred asset over other cryptos, including Ethereum, despite its improving clarity around unstaking.