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Weekly Crypto Inflows Surge by 370%, According to CoinShares

source-logo  beincrypto.com 10 October 2023 00:34, UTC

Crypto assets attracted $78 million in inflows last week, marking a 3.7-fold increase compared to the prior week, which saw only $21 million in inflows.

“Digital asset investment products saw inflows for the second week totalling US$78m, while trading volumes for ETPs also rose by 37% to US$1.13bn for the week,” CoinShares declared.

Crypto Inflows on the Rise Despite Lacklustre Ethereum ETF Launch

According to a recent report by Coinshares, crypto inflows experienced their most significant surge since July over the seven consecutive days from September 30th to October 6th.

Weekly Crypto Asset Flows. Source: CoinShares

However, it noted that last week’s launch of Ethereum Futures-based exchange-traded funds (ETFs) fell short of the anticipated significant market impact:

“The Ethereum futures ETF launches in the US attracted just under US$10m in the first week, highlighting a tepid appetite.”

Meanwhile, higher crypto inflows have been directly correlated with the submission of Bitcoin ETF applications expected throughout this year.

BeInCrypto reported on June 26 that the filing of BlackRock’s Bitcoin ETF had a notable effect, driving crypto inflows to reach $199 million over the seven-day period.

On the other hand, Solana witnessed a rapid surge in inflows, achieving its highest levels since March 2022. It recorded weekly inflows of $24 million, solidifying its position as the “altcoin of choice.”

At the time of publication, Solana’s price is $22.15.

Solana Price Chart 1 Month. Source: BeInCrypto

Crypto Market Welcomes Inflows Following Multiple Outflows

Just last week, CoinShares marked net positive inflows in the crypto market for the first time in six weeks, amounting to $21 million.

In the preceding week, there were outflows totaling $9 million.

According to CoinShares, European investors reportedly contributed $16 million in inflows during this week, while US investors withdrew $14 million.