Weekly Windfall: $136 Million Pours into Cryptocurrency Funds

• CoinShares, Europe’s largest digital asset management company, reported a net inflow of $136 million into digital asset products, with Bitcoin receiving the most investment.
• Despite recent positive trends, Ethereum funds have been in a deficit of $63 million since the start of the year.
• Altcoins experienced positive movements, with notable inflows into Solana, XRP, Polygon, and Litecoin funds, despite a $1.3 million outflow from Cardano funds.

Bitcoin Dominates Digital Asset Investments

As per the latest report by CoinShares, Bitcoin continues to be the most favored digital asset for investors. The largest cryptocurrency by market capitalization saw a net inflow of approximately $132.8 million, reinforcing its dominance in the digital asset market.

Ethereum Funds Struggle Despite Recent Gains

Interestingly, Ethereum, the second-largest cryptocurrency, didn’t fare as well. Despite its price making significant strides in recent months, Ethereum funds have been in a deficit of $63 million since the beginning of the year, indicating a disparity between its market performance and investor sentiment.

Altcoins Show Positive Momentum

Altcoins, on the other hand, have been experiencing positive movements. The past week saw inflows of $1.2 million into Solana, $900,000 into XRP, $800,000 into Polygon, and $500,000 into Litecoin funds. However, Cardano funds witnessed an outflow of $1.3 million, highlighting the volatile nature of altcoin investments.

When it comes to the countries with the most fund inflows, Germany led the way with $61.5 million, closely followed by the US with $55.9 million. Globally, the value of digital asset funds stands slightly above $36 billion. Grayscale remains the market leader with $25 billion, while CoinShares trails behind with $2.5 billion.