Digital Assets Drew $15M in Inflows Last Week

Digital-asset investment products saw inflows for the third consecutive week last week with inflows of $15 million, although trading volume remain 27% below the 2023 average.

Last week wasn't positive for altcoins in general, with tezos, litecoin and chainlink seeing outflows of $250,000, $280,000 and $310,000, respectively.

Digital-asset investment products saw inflows for the third consecutive week with inflows of $15 million, although trading volume remained 27% below the 2023 average. A regional divide persists, with continued minimal inflows into the U.S., while Europe saw net inflows of $7 million last week. Sweden was the only country to see outflows.

Bitcoin saw $16 million in inflows last week, bringing the year-to-date inflows to $260 million, while short-bitcoin saw inflows of $1.7 million last week. It is worth noting that our data, which is as of Friday’s close, was unlikely to capture the positive news out of the U.S. regarding the Securities and Exchange Commission not appealing the Grayscale Investments legal challenge, potentially paving the way for a spot-based ETF in the U.S. 

Last week was not positive for altcoins in general, with tezos, litecoin and chainlink seeing outflows of $250,000, $280,000 and $310,000, respectively. XRP saw modest inflows amounting to $420,000. That marked the 25th consecutive week of inflows into XRP this year. The consistent inflows underscore the investment community's support, especially considering successful legal challenges against the SEC. 

Ethereum, despite the recent launch of a futures-based exchange-traded fund, has seen little appetite from investors, with outflows of $7.5 million last week, correcting much of the inflows seen the prior week. This perhaps reflects ongoing protocol design concerns.