July 21, 2024
the latest surge in digital asset investments
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Digital Asset Investments Soar, Reaching Highest Levels Since July 2023: Report

A recent report indicates that digital asset investment products have seen substantial increases in inflows over the past week, marking the highest volume levels since July 2023. CoinShares, a crypto asset management firm, disclosed in their weekly analysis report on October 9th that crypto investment products experienced inflows for the second consecutive week, amounting to $78 million.

CoinShares also reported a significant surge in the volumes of crypto exchange-traded products (ETPs) by 37% during the previous week, reaching a total of $1.1 billion. Furthermore, the report highlights a 16% increase in Bitcoin volumes on reputable exchanges.

Solana, ranked as the eighth-largest cryptocurrency by market capitalization, has continued to establish itself as the preferred altcoin of choice. Its weekly inflows recently reached the highest level since March 2022. As of the current moment, Solana has gained approximately 14% in value over the past 30 days but remains down by about 32% over the past year, as per CoinGecko data. Despite the overall growth in crypto product inflows, some major crypto investment products have shown more restrained movements. Notably, the United States Ethereum futures exchange-traded funds (ETFs), which commenced trading on October 2nd, attracted only approximately $10 million in the first week, indicating a tepid appetite, according to CoinShares.

In addition to analyzing specific assets, CoinShares revealed that 90% of all crypto asset inflows originated from Europe, with the United States and Canada collectively receiving just $9 million in inflows. Germany and Switzerland emerged as the primary contributors to the increase in inflows, with $37.3 million and $31.3 million, respectively. These two countries accounted for 88% of all crypto asset product inflows during the previous week.

This development coincides with CoinShares‘ efforts to expand its presence in the United States, where it introduced its initial offerings in September 2023. The company expresses confidence in the United States as a global leader in terms of digital asset development and regulation.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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