Bitcoin Leading Digital Asset Inflows

Takeaways

• Digital asset investment products saw inflows totalling US$226m, bringing the eight-week run of inflows to US$638m.
• Bitcoin saw inflows totalling US$225, comprising a significant majority of the total. We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US.
• Ethereum saw minor outflows totalling US$14m, and it continues to lose market share to Bitcoin, having fallen 1% to 24% of  assets under management (AuM) over the last week alone.
• Solana (US$12.5m) and Cardano (US$3m) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.

Digital asset investment products saw inflows totalling US$226m, bringing the eight-week run of inflows to US$638m. Total assets under management (AuM) are now only 5% short of the all-time high at US$67bn due to recent positive price action.

Bitcoin saw inflows totalling US$225m, comprising a significant majority of the total. We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class.

Ethereum saw minor outflows totalling US$14m and continues to lose market share to Bitcoin, having fallen 1% to 24% of AuM over the last week alone.

It was a mixed picture in other altcoins with recent favourites Solana (US$12.5m) and Cardano (US$3m) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin. Other altcoins, namely Polkadot, Ripple and Litecoin didn’t fare so well with outflows of US$2.1m, US$0.6m and US$0.2m respectively.

Contact James Butterfill at [email protected]