Crypto investment products see $1.44B in weekly inflows

Crypto investment products have attracted $1.44 billion in inflows over the past week, according to CoinShares’ latest report. This impressive figure brings the year-to-date (YTD) inflows to a staggering $17.8 billion, smashing the previous 2021 record of $10.6 billion.

Despite this influx of capital, trading volumes remained low at $8.9 billion for the week, which is way below the year’s seven-day average of $21 billion. Regionally, the United States took the lead with $1.3 billion in inflows for the week. 

Positive vibes were also felt globally, with Switzerland hitting a record for the year, and Hong Kong and Canada bringing in $58 million, $55 million, and $24 million, respectively. 

Bitcoin was the star, seeing the fifth-largest weekly inflow on record with $1.35 billion. Meanwhile, short-bitcoin products faced significant outflows of $8.6 million, the largest since April. 

This pattern is because of the recent price drops thanks to Bitcoin sales by the German government. Also, there was a change in investor sentiment following lower-than-expected CPI figures in the States.

Ethereum also had a strong week, pulling in $72 million, the highest inflow since March. Investors seem to be banking on the imminent approval of its spot ETF.

Other altcoins didn’t miss out either. Solana attracted $4.4 million, Avalanche brought in $2 million, and Chainlink saw $1.3 million in inflows. Meanwhile, spot trading volumes on major exchanges dropped by 17% month-on-month, per June’s data. 

Mexc saw a 13% decline, HTX fell by 7%, and Bybit managed a small decrease of 2%. On the other hand, some exchanges suffered larger drops: Upbit plummeted by 45%, Bitfinex by 38%, and Kucoin by 32%.

Derivatives trading volumes also fell, decreasing by 19% month-on-month in June. Mexc was the only major exchange to see a slight rise of 2%, while HTX and Crypto.com both saw a 9% decline.

The worst performers in this category were Gate and Deribit, each with a 34% drop, and OKX, which fell by 23%. Website traffic data is also sobering. Overall, traffic to major exchanges decreased by 1% month-on-month.

Bybit bucked the trend with a 10% increase in traffic, and both OKX and Gate saw an 8% rise. However, Upbit’s traffic dropped sharply by 26%, Coinbase fell by 11%, and Crypto.com had a 9% decrease.