Digital asset manager CoinShares says that crypto products saw over $3 billion in inflows last week as macro data on the US economy indicates weakness.
According to its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that crypto assets under management (AuM) almost reached new all-time highs.
“Digital asset investment products returned to inflows last week, totaling US$3.3bn, following weaker-than-expected US macroeconomic data. In addition, end-of-week price gains across digital assets pushed total assets under management (AuM) to US$239bn, the highest level since the early August all-time high of US$244bn.”
The US accounted for $3.2 billion of those inflows, while Germany added $160 million. Switzerland, meanwhile, suffered $92 million in outflows.
King crypto Bitcoin (BTC), per usual, enjoyed the lion’s share of inflows.
“Bitcoin experienced the strongest rebound in sentiment, attracting US$2.4bn in inflows, the largest weekly inflows since July, while short-bitcoin products recorded modest outflows, bringing their AuM down to just US$86m.”
Leading smart contract platform Ethereum (ETH), reversing a trend of outflows that has lasted several weeks, enjoyed four days of inflows last week, totaling $646 million.
ETH-rival Solana (SOL) products, after enjoying their largest-ever single-day flows at $145 million, raked in $198 million in inflows last week.
Large-cap altcoins Avalanche (AVAX) and AAVE products suffered a combined $1.1 million in outflows last week.
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