Crypto funds inflow streak continues, adding $176 million led by bitcoin and solana

Quick Take

Digital asset investment products recorded $176 million in inflows last week, marking eight consecutive weeks of growth as the ETP share of total crypto volume continues to rise.
Bitcoin-based funds dominated the sector with $155 million in inflows, while solana products saw the largest gains among altcoins, adding $13.6 million.

Crypto fund inflows at asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares added a further $176 million last week, marking eight consecutive weeks of growth, according to CoinShares’ latest report.

Last week’s addition brings year-to-date inflows to $1.32 billion at a time when ETP volumes now average 11% of total crypto volume compared to a long-term historical average of 3.4%, CoinShares' Head of Research James Butterfill wrote. Trading volumes now average $3 billion per week, double this year’s $1.5 billion weekly average.

However, despite the increased volume share, inflows remain well behind the $10.7 billion seen in 2021 and $6.6 billion in 2020, Butterfill noted.

Weekly crypto asset flows. Image: CoinShares.

Bitcoin dominates, solana leads altcoin-based funds

Bitcoin investment products continued to dominate, adding $155 million of inflows to an eight-week streak that now represents 3.4% of assets under management — indicating positive sentiment in anticipation of approval for a spot-based bitcoin ETF in the U.S., Butterfill said. Short bitcoin products, on the other hand, registered outflows of $8.5 million.

Solana led the altcoin-based crypto funds last week, adding inflows of $13.6 million. Ether and avalanche investment products brought in $3.3 million and $1.8 million, respectively. Uniswap and polygon funds saw minor outflows.

Regionally, Canada, Germany and Switzerland led the inflows with $98 million, $63 million and $35 million, respectively. In contrast, the U.S. registered outflows totaling $19 million.