{"id":70583,"date":"2023-10-09T12:00:31","date_gmt":"2023-10-09T16:00:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-products-record-78-million-inflows-marks-highest-point-since-july-report\/"},"modified":"2023-10-09T12:00:34","modified_gmt":"2023-10-09T16:00:34","slug":"crypto-products-record-78-million-inflows-marks-highest-point-since-july-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70583","title":{"rendered":"Crypto Products Record $78 Million Inflows, Marks Highest Point Since July: Report"},"content":{"rendered":"
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The digital asset market notches major growth as products see inflows totaling $78 million, its highest week since July.<\/p>\n

A new CoinShares market report<\/u> shows significant growth in the market this week following an increase in investor appetite for crypto products across several jurisdictions.<\/p>\n

Per the report, crypto products recorded inflows for the second straight week after previous weeks of outflows caused by plunging market values and uncertain regulations in the United States.<\/p>\n

Exchange-traded products (ETPs) also grew by 37% in the last seven days hitting $1.13 billion.<\/p>\n

Bitcoin remains the biggest gainer<\/h2>\n

Bitcoin (BTC<\/u>) recorded an inflow of $43 million along with short Bitcoin positions which saw gains of $1.2 million, after several weeks of outflows.\u00a0<\/p>\n

The last seven days have shown a massive jump as institutional investors continue to dabble in the crypto space.\u00a0<\/p>\n

Ethereum (ETH<\/u>) on the other hand recorded a slight boost following the rollout of six exchange-traded funds (ETFs).\u00a0<\/p>\n

While the funds attracted a total of $10 million in its first week, when compared with Bitcoin\u2019s massive $1 billion at the same time, it shows institutional investors are not as bullish on Ethereum as they were in 2021.<\/p>\n

This can also be seen in the previous week’s ETH performance as the leading altcoin recorded outflows of $1.5 million marking negative results for seven consecutive weeks.<\/p>\n

Solana (SOL<\/u>) has remained institutional investor’s favorite in recent months and continued the fine run last week.\u00a0<\/p>\n

The altcoin recorded $24 million in outflows, its highest since March 2022. Solana has now tapped 27 straight weekly inflows<\/u> with only your outflows this year, stamping its authority despite the key ETH rollout this week.\u00a0<\/p>\n

Solana trades at $22.22 down by 4% the day and over 30% in the last 12 months. The last seven days also saw Bitcoin volumes grow by 16% across trusted exchanges.<\/p>\n

Last week, the total crypto market products turned the tide for the first time with $21 million in inflows after six consecutive weeks of outflows.\u00a0<\/p>\n

Europe outshines the United States\u00a0<\/h2>\n

The last few weeks have seen US investors take a major setback as Europe records the highest numbers from crypto products.<\/p>\n

Last week, 90% of inflows came from Europe while the United States and Canada scrambled for the rest totaling $9 million.<\/p>\n

Germany and Switzerland led the pack as they accounted for $37.3 million and $31.3 million respectively making up 88% of total weekly inflows.<\/p>\n

Europe has gained the upper hand over the United States following rule clarity<\/u> while the US continues to stall regulations leading to several court cases involving the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and crypto firms.\u00a0<\/p>\n

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