Bitcoin, Solana Products See Largest Inflows
Digital asset investment products experienced a second consecutive week of inflows, with assets under management rising $78 million. This was due to multi-year highs in the U.S. dollar and 10-year Treasury note. Trading volumes for exchange-traded products (ETPs) rose by $1.13 billion, and Bitcoin’s (BTC) volumes on trust exchanges rose 16%. The inflows come amid a deteriorating global financial outlook, with countries like the U.S. experiencing record-high debt levels and oil prices potentially rising above $100 per barrel due to a new Israeli-Hamas conflict.
CoinShares head of research James Butterfill reports that 90% of inflows from Europe and the Americas came from Germany and Switzerland, while the U.S. and Canada accounted for just $9 million. Bitcoin was the main beneficiary with $43 million worth of inflows, while Solana saw the second largest inflows with $23.9 million, its largest week of inflows since March 2022. This indicates a continued divergence in sentiment between Europe and the Americas.
(With inputs from Shikha Singh)
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