Cryptocurrency investment products saw a record weekly inflow of $3.13 billion over the past week, bringing their total year-to-date inflows to $37 billion as the crypto market rally keeps on going.
According to CoinShares’ latest Digital Asset Fund Flows weekly, Bitcoin investment products saw a total of $3.07 billion inflow over the past week, with the second-largest inflows going to Solana-focused products, at $16.2 million.
Notably, products offering investors exposure to XRP, the native token of the XRP Ledger, saw a whopping $15.2 million inflow, nearly one-third of these products’ $46 million year-to-date inflows.
Solana’s inflows surged amid growing investor interest, with its open interest recently surging past the $5 billion mark, as reported. As CryptoGlobe reported, Solana surged past BNB to become the fourth-largest cryptocurrency by market capitalization earlier this month as it outperformed most other digital assets.
The report also details that Ethereum-focused products saw $2.8 million inflows over the past week, while those offering exposure to Litecoin and Cardano saw $4.1 million and $700,000 inflows, respectively.
According to the report, products betting against a rise in the price of Bitcoin saw $10.4 million inflows, while the largest outflows were seen for products focusing on multiple cryptocurrencies, at $10.5 million.
In total, the assets under management (AUM) of cryptocurrency investment products grew to $153.3 billion as a result of these inflows and the recent cryptocurrency market rally, which saw the price of Bitcoin near $100,000 before a correction saw it drop to $92,800 at the time of writing.
Cryptocurrency prices have benefitted from Republican presidential candidate Donald Trump securing a victory in the US elections. A Trump victory was widely expected to help boost crypto prices, as the former U.S. President has expressed strong support for the cryptocurrency sector.
Featured image via Pexels.
Read the full article here
