Crypto Investment Products Hit $1.84B in Weekly Inflows, Bitcoin Dominates at 94%

Crypto investment products witnessed the second-largest weekly inflow on record, amassing $1.84 billion, according to a recent report from CoinShares. The report highlights that 94% of these inflows were directed towards Bitcoin, totaling $1.73 billion

Accompanying the substantial inflows, trading volumes in investment products reached an all-time high of over $30 billion for the week. Notably, these volumes, at times, constituted 50% of the global daily trading volumes of Bitcoin on reputable exchanges

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Total Assets Under Management (AuM) Nearing All-Time Highs

Following recent price increases, total assets under management (AuM) are on the verge of reaching the all-time high, standing at an impressive $82.6 billion. This figure falls just shy of the peak recorded in early November 2021 at $86 billion.

The report from CoinShares also sheds light on the exceptional performance of U.S. spot Bitcoin ETFs, which recorded a remarkable weekly trading volume of $22.3 billion. On Wednesday alone, daily volumes reached over $7.6 billion in trading.

Source: CoinShares Report‍

Altcoins Making Waves

While Bitcoin continues to dominate, Ethereum experienced its largest weekly inflows since mid-July 2022, totaling $85 million. However, despite this influx, the assets under management for Ethereum currently stand at $14.6 billion, still a notable distance from the peak of $23.7 billion.

In contrast, Polygon saw inflows of $7.6 million, representing 22% of its AuM. On the flip side, Solana experienced outflows of $12 million, indicating some investor reshuffling in the altcoin space.

An earlier CoinShares report from February 19 had already signaled the market’s vitality, citing an influx of $2.45 billion in crypto asset investment products from Feb. 12 to Feb 16. This figure set a new milestone and contributed significantly to the year-to-date inflows, reaching an astonishing $5.2 billion.

Bitcoin is trading at $65,100, up 4.44% in the last 24 hours.

The past week has witnessed a spectacular surge in the prices and trading volumes of trending memecoins. Among them are Pepecoin ($PEPE), Floki ($FLOKI), and dogwifhat ($WIF), which have gained more than 300% in the last seven days.

These memecoins have not only surged in price but have also witnessed an astounding 3,000% increase in trading volume.

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Pepecoin’s Remarkable Surge

Pepecoin (PEPE), an Ethereum-based memecoin, has stolen the spotlight with an exceptional 40% surge in the past 24 hours alone. This surge has propelled its weekly gains to an impressive 420%, currently trading at 0.0000075 with trading volumes reaching $3.23 billion.

Although ranked 44th in terms of market capitalization, Pepe currently claims the eighth spot in trading volume, underlining the intense interest and activity surrounding this memecoin. Pepe’s market cap has seen a remarkable doubling from $1.5 billion to $3.17 billion in just two days.

dogwifhat, a Solana-based memecoin, has witnessed a formidable 365% price surge over the past week, trading in proximity to its all-time high of $1.73.

Floki, making its mark as the 16th in trading volume, has recorded an impressive 327% surge to $0.0001554, on the weekly price charts

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The Rise of Newcomers

The memecoins experiencing triple-digit growth over the past week are relatively new entrants, challenging the dominance of more established memecoins like Dogecoin (DOGE).

Despite the rapid ascent of newcomers, Dogecoin recorded a commendable 92% weekly gain, while Shiba Inu (SHIB) boasts a notable 180% increase, showcasing the continued strength of well-established memecoins.

Investing in memecoin has proven to be a double-edged sword due to its volatility. Many have made substantial returns in a short period, while others have suffered substantial losses. Some crypto experts worry about the impact of memecoins on the overall perception of the crypto market, due to the roller-coaster nature of memecoin investments.