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Digital Asset Investment Products Experience Significant Inflows

Digital asset investment products saw a substantial increase in inflows, totaling over $700 million during the week ending Feb. 2. This marked a reversal from the previous week, which had experienced outflows. The surge in inflows was largely attributed to a flood of investors into Bitcoin (BTC) products in the United States, as reported by alternative asset manager CoinShares.

The global digital asset product market received inflows amounting to $708 million, with United States-listed products garnering $720 million in inflows for the week. The majority of these inflows, amounting to $703 million, came from Bitcoin products, including the newly launched spot Bitcoin exchange-traded funds (ETFs).

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Impact of U.S. BTC ETFs and Outflows from Grayscale Bitcoin Trust

The newly issued spot ETFs for Bitcoin in the United States attracted $1.7 billion in inflows over the week, bringing the total inflows since their launch to $7.7 billion. CoinShares analyst James Butterfill noted a slowdown in outflows from the Grayscale Bitcoin Trust, stating, “This [inflow into U.S. BTC ETFs] has been offset by outflows from incumbent issuers, which total US$6BN, but data highlight a significant reduction in momentum of these outflows.”

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Diversification of Inflows and Outflows in Altcoins

Aside from Bitcoin, Solana-focused exchange-traded products (ETPs) emerged as the top altcoin competitor, with $13 million in inflows. This outpaced Ethereum, which saw $6.4 million in inflows, and Avalanche, which received $1.3 million. However, Ether (ETH) experienced an outflow of $6.4 million.

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International Flows and Trend Reversals

The data also revealed significant outflows from Canadian crypto ETPs, with $31.3 million being traded away, while Sweden-listed products experienced $8.2 million in outflows, continuing a trend from the previous week. Conversely, Germany, Switzerland, and the United States saw a reversal in flows, with Switzerland experiencing a notable turnaround from outflows two weeks ago to $20.9 million in inflows last week.

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