Digital asset investment products saw their second-lowest weekly inflows in the past eight weeks, totaling $270 million, according to the latest CoinShares fund flow. report. This brings the total inflow so far this year to $37.3 billion.
James Butterfill, head of research at CoinShares, highlighted an unusual contrast in flows between different assets within the class. It noted that the minimal entry was partly due to the impact of newly launched options on products.
Despite their high initial volumes, US options ETFs have not driven a comparable increase in ETP volumes, which fell from $34 billion the previous week to $22 billion.
ethereum and XRP outperform bitcoin.
While bitcoin has been a standout performer in the market over the past year, large-cap alternative digital currencies like ethereum and XRP outperformed the flagship digital asset last week.
According to the CoinShares report, bitcoin faced its first significant outflow since early September, with an outflow of $457 million. This exit likely reflects profit-taking amid bitcoin's recent rally towards $100,000.
By contrast, ethereum has seen a strong turnaround, attracting $634 million in inflows. This boosted its year-to-date receipts to $2.2 billion, surpassing the $2 billion it received in 2021.
XRP also saw a record inflow of $95 million, driven by growing optimism around the asset and expectations of a possible launch of an XRP ETF in the US. Notably, seven years after surpassing $2, and its market capitalization reached a new peak of more than $150 billion.
The United States and Hong Kong lead the flows.
Regionally, the United States led receipts with $266 million, followed by Germany with $12.3 million. Switzerland and Canada experienced small outflows totaling $26 million and $10 million, respectively.
In Hong Kong, cryptocurrency ETPs recorded notable inflows of $39 million, driven by the strong performance of bitcoin ETFs.
According to SoSo value <a target="_blank" href="https://sosovalue.com/assets/etf/hk-btc-spot”>dataHong Kong's three bitcoin spot ETFs are approaching $500 million in net assets. The ChinaAMC bitcoin ETF leads with $277.48 million, followed by the Bosera Hashkey bitcoin ETF with $153 million. The Harvest bitcoin Spot ETF has around $40 million in assets.