Hold onto your digital wallets, folks, because 2024 is turning into a blockbuster year for digital assets! We've soared past a record-breaking $44 billion in inflows, a figure that absolutely dwarfs past years—over four times bigger, in fact!
Ethereum, the superstar of the crypto universe, has been on a winning streak for seven weeks straight, raking in a cool $3.7 billion. Just last week alone, it pocketed $1 billion, showing that investors are giving a big thumbs-up to the world’s second-largest cryptocurrency.
According to the latest buzz from CoinShares, the digital asset scene is sizzling with excitement. Last week alone, $3.2 billion poured into digital asset investment products, marking the 10th week of consecutive positive vibes. This year’s total? A jaw-dropping $44.5 billion!
ETPs are riding high, with weekly trading volumes averaging $21 billion, making up a third of Bitcoin trading on trusted exchanges. Meanwhile, Bitcoin's daily trading volume is double that of the FTSE 100, averaging $8.3 billion. Talk about a heavy hitter!
Bitcoin investment products alone have contributed $2 billion to the weekly inflows, hitting $11.5 billion since the US election. Even with recent price spikes, short Bitcoin products added $14.6 million, although their assets under management are still relatively modest at $130 million.
XRP is riding the wave of optimism, grabbing $145 million in inflows amid chatter about a US-listed ETF and Ripple’s shiny new NYDFS-approved stablecoin, RLUSD, making its debut.
Litecoin, Cardano, and Solana are also basking in the glow, with inflows of $2.2 million, $1.9 million, and $1.7 million, respectively. Binance and Chainlink each saw $0.7 million in inflows. However, multi-asset products hit a rough patch, facing $31 million in outflows last week.
On the regional front, it’s all systems go! The US led the charge with a staggering $3.14 billion in inflows. Switzerland and Germany followed with $35.6 million and $32.9 million, respectively. Brazil showed muscle with $24.7 million, and Hong Kong, Canada, and Australia chipped in with $9.7 million, $4.9 million, and $3.8 million. Sweden, however, wasn't feeling the love, with outflows of $19 million.
So, there you have it! The crypto world is buzzing, and 2024 is proving to be a year to remember. Keep your eyes peeled and your portfolios ready—this ride is just getting started!
