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Zach Anderson Nov 26, 2024 18:00
Bitcoin ETFs witnessed unprecedented inflows of $3.12 billion last week, setting a new record in digital asset investments, according to CoinShares.
Bitcoin Exchange-Traded Funds (ETFs) have reached a significant milestone, recording the highest weekly inflows ever at $3.12 billion, according to CoinShares. This substantial influx has contributed to a year-to-date total of $37 billion, marking a new high for digital asset investments.
The digital asset investment products saw a remarkable $3.13 billion in weekly inflows, largely driven by Bitcoin. This surge surpasses the initial performance of US Gold ETFs, which only attracted $309 million in their first year. The influx was predominantly from the United States, amounting to $3.2 billion, while countries like Germany, Sweden, and Switzerland experienced outflows of $40 million, $84 million, and $17 million respectively, as investors took advantage of high prices to realize profits.
Bitcoin alone accounted for $3 billion of the inflows, with an additional $10 million directed towards short-Bitcoin investment products. This marks the largest inflow since August 2022, with monthly figures reaching $58 million. Solana outperformed Ethereum in the same period, attracting $16 million in inflows compared to Ethereum’s $2.8 million, although it remains behind Ethereum in year-to-date metrics.
While some European countries saw outflows, other regions showed a positive trend. Australia, Canada, and Hong Kong reported inflows of $9 million, $31 million, and $30 million respectively. Altcoins like XRP, Litecoin, and Chainlink also saw significant interest, with inflows of $15 million, $4.1 million, and $1.3 million respectively. However, multi-asset investment products experienced a second consecutive week of outflows, totaling $10.5 million.
For further insights and detailed analysis, visit CoinShares.
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