Zinger Key Points
- Digital asset investment products for the week reported $103 million in fund inflows over the past week.
- Cardano, Solana, and XRP witnessed a narrow-down in weekly inflows. Germany leads the regional list.
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Coinshares did not release its weekly report on digital assets inflows/outflows. However, Head Of Research James Butterfill took to X and indicated that digital assets saw $103 million in inflows over the past week.
What Happened: According to data from Coinshares, there has been a shift in the trend for digital assets compared to the previous week, with a reversal from outflows to inflows of funds. Out of the total inflows amounting to $102.7 million, Bitcoin BTC/USD experienced inflows of $87.6 million, a significant change from the $32.8 million outflows it saw last week. In the meantime, Ethereum ETH/USD registered inflows of $7.9 million, in contrast to the outflows of $4.3 million it faced previously.
Among altcoins, Solana SOL/USD witnessed $6 million in inflows, compared to $10.6 million last week. Cardano ADA/USD also saw a decrease in inflows to $1 million from $3 million in the prior week.
XRP XRP/USD witnessed $2.7 million in inflows in the previous week, but this week, the token saw no new inflows. Avalanche AVAX/USD outflows widened to $2.6 million this week, compared to $1 million in outflows in the prior week.
As the year 2023 begins its final week, the year-to-date flows have reached $1.971 billion, with the total assets under management currently standing at $52.098 billion.
Regionally, Germany leads the weekly inflows with $41.6 million, while Canada and the U.S. follow with $25.8 million and $20.4 million respectively.
Why Does It Matter: In the past week’s trading, Bitcoin prices have seen a drop of 0.5% while ETH is marginally higher by 0.7%. Solana surged 55% in the same time frame while Cardano, XRP, and Avalanche rose 4.5%, 3.6%, and 13.9% respectively.
Chart analyst, Ali, took to X and highlighted Glassnode data showing almost $24.2 billion is flowing into the crypto market which is the highest capital inflow since December 2021.
Now Read: Grayscale's Barry Silbert Waves Goodbye To Firm As Spot Bitcoin ETF Excitement Builds
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