The digital asset market continues to notch multiple wins in recent months as it recovers losses recorded in previous months with multiple assets soaring to yearly all-time highs.
A new CoinShares Weekly Asset Flow report shows a massive increase in investor sentiments over the past week continuing the good run and signalling a growing market.
Digital asset funds recorded a total of $176 million last week extending weekly inflows to their eighth consecutive week. The renewed surge in the market after several weeks in the red zone comes as several firms anticipate a Bitcoin (BTC) spot ETF approval by the United States Securities and Exchange Commission which has declined previous applications citing market manipulation concerns.
The massive run which has lasted eight weeks raises this year’s total to $1.32 billion, a good figure for some commentators because of the sharp decline in the market last year due to the fall of Terra and FTX wiping billions from the market.
However, this year’s figure is still far behind the $10.7 billion and $6.6 billion recorded in 2021 and 2020 respectively. In 2021, BTC and several altcoins hit all-time highs yet to be broken in over two years.
BTC lead rally, altcoins surge
As expected, last week’s numbers were dominated by BTC with $155 million inflows and a surge in assets under management while short bitcoin posted outflows of $8.5 million.
BTC price stands at $37,735 at press time and has surged 2.5% in the past seven days with bulls looking to ignite a massive run on the back of recent market gains.
Inflows were also recorded on the altcoin front with Ethereum (ETH) and Avalanche (AVAX) gaining $3.3 million and $1.8 million respectively. In recent weeks Ethereum has shown positive signs after multiple weeks of outflows and scepticism despite the launch of several spot Ethereum ETFs.
On the other hand, AVAX, the native token of the Avalanche blockchain soared 22% in the past seven days after big institutional investors like JP Morgan announced tokenization tests in partnership with the network.
The biggest gainer among altcoins remained Solana (SOL) recording inflows of $13.6 million extending its good run of consecutive inflows as it held its title as institutional investor’s favourite altcoin. Uniswap and Polygon posted outflows of $0.55 and $0.86 respectively.
Coinbase to Launch Futures Support for Solana and Avalanche Altcoins – Here’s the Latest
Crypto exchange behemoth @coinbase announced Monday that it will list two major altcoins on futures.#CryptoNews #newshttps://t.co/CUFhi1SD4d
— Cryptonews.com (@cryptonews) November 13, 2023
Europe trumps the United States
Geographically, Europe continues to record more wins over the United States as it leads the way in terms of uniform cryptocurrency rules following the passage of the Markets in Crypto Assets (MiCA) regulation.
Germany and Switzerland saw inflows of $63 million and $35 million respectively while the United States saw outflows of $19 million. Canada led weekly inflows with $97.7 million as regulators continued to shape multiple market sectors.
ETP shares have also surged in recent times averaging 11% significantly higher than the figures from the 2021 bull market.
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