- Inflows were up last week despite the widespread selloff in digital assets
- Bitcoin remained the most popular digital asset
Despite last week’s price volatility, digital asset investment products extended gains with inflows totaling $395 million, according to data compiled by asset manager CoinShares.
There were almost no outflows last week, although as prices fell throughout the week inflows declined from $100 million on Monday and Tuesday to $12 million on Friday.
Bitcoin fell as much as 16% to around $45,000 last week, but the largest digital currency remained the most popular with an inflow of $288 million. Even amid the selloff, bitcoin is up about 70% year-to-date.
Ethereum gained momentum with a $91 million inflow last week. The second-largest digital currency has gained about 113% year-to-date, signalling growing interest in the digital asset as decentralized finance products flourish.
Last week saw record trading volumes on exchanges of $26 billion. Investment products made up only 7% of the total weekly volume.
Inflows so far this quarter are 4% lower than last quarter’s record $4 billion in inflows.