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Digital Asset Funds Record $346 Million Inflows as Assets Under Management Surge Past $45.3 Billion

Cryptocurrency products have registered a substantial $346 million in weekly inflows, marking the highest figure in the past nine weeks of consecutive gains. According to the CoinShares Digital Asset Fund Flows Weekly Report, there is a growing bullish sentiment in the market, driven by positive signals from institutional investors consistently acquiring exposure to cryptocurrency products over the last nine weeks.

The total inflow recorded last week amounted to $346 million, reflecting heightened anticipation of the approval of a spot Bitcoin ETF, which is believed to be initiating a new cycle in the market. Analysts at CoinShares note that the gains observed over the nine-week period represent the highest since the bullish run in 2021.

Bitcoin and Ethereum record massive surge

The leading cryptocurrency, Bitcoin, attracted inflows of $312 million last week, contributing to a yearly total of $1.5 billion. Meanwhile, short Bitcoin products experienced the third consecutive week of outflows, amounting to $0.9 million. The assets under management (AUM) for Bitcoin products have surged to their highest point in 18 months, surpassing $4.3 billion.

With the increasing prices and growing decentralized finance (DeFi) activity, investors and crypto users are staking more, coupled with the acquisition of additional products through asset management, contributing to the sector’s rising AUM.

On the altcoin front, Ethereum has reversed its trend, recording $34.8 million in inflows last week. This positive trend marks four consecutive weeks of inflows after several weeks of outflows, despite the launch of ETH ETFs. Ether is now trading above the $2,000 mark, though some commentators suggest that the asset still trades below its potential, as many asset managers continue to rank it as a preferred cryptocurrency.

Solana (SOL), a favored choice among institutional investors for a significant part of the year, saw inflows, although it trailed behind Ethereum with total flows to its products reaching $3.5 million. Other altcoins, such as Polkadot (DOT) and Chainlink (LINK), recorded modest gains of $0.8 million and $0.6 million, respectively.

From a geographical perspective, Canada and Germany took the lead, accounting for 87% of the total inflows. Canada recorded $199 million, while Germany posted $101.5 million. The United States and Switzerland followed with $30.2 million and $14.6 million, respectively.

ETF hype drives upturn

The recent bull run propelled most virtual assets, including Bitcoin, Ethereum, and Dogecoin, to all-time highs. However, this was followed by a subsequent downturn in 2022, as weakened investor confidence set in due to the collapse of Terra and FTX, along with broader economic factors such as the Federal Reserve’s efforts to address inflation.

In the current year, the market has experienced a positive shift, with Bitcoin posting a remarkable year-to-date (YTD) increase of over 128%, while Ethereum has seen a 74% uptick in the same period. The surge in asset prices was triggered by BlackRock’s application for a spot Bitcoin ETF.

Following BlackRock’s move, several other firms submitted similar applications to the Securities and Exchange Commission (SEC), signaling a broader shift in institutional sentiment toward cryptocurrencies. Despite the SEC’s past rejections of spot Bitcoin ETF applications citing concerns about potential market manipulations, experts are optimistic about imminent approval based on recent developments.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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