Recent data shows that more people are investing in digital assets, like cryptocurrencies. This investment trend is the strongest it’s been since July 2023. According to CoinShares, a company that manages crypto assets, these investments have been consistently increasing and have reached $78 million by October 9th.
Products like crypto exchange-traded funds (ETPs) have also seen a boost, increasing by 37% in the past week and reaching a total value of $1.1 billion. Bitcoin, one of the major cryptocurrencies, has experienced a 16% increase in trading volume on well-known exchanges.
Solana, currently the eighth-largest cryptocurrency, has been doing really well lately. The money flowing into Solana in a week is the highest since March 2022. However, it’s essential to note that while Solana has gone up by 14% in the last month, it has also decreased by 32% in the past year, as reported by CoinGecko.
Even though the overall outlook for crypto investments looks good, some specific investment products are not performing as well. For instance, Ethereum futures exchange-traded funds (ETFs) in the U.S. started trading on October 2nd but only attracted $10 million in their first week. CoinShares described this as a “tepid appetite.”
When we look at where these investments are coming from, Europe is leading the way, contributing a massive 90% of all crypto assets invested. In contrast, the combined investment from the U.S. and Canada was only $9 million. Among European countries, Germany and Switzerland were the major players, bringing in $37.3 million and $31.3 million, respectively. Together, these two countries made up 88% of the total crypto assets invested last week.
In other news, CoinShares, the crypto asset management firm, is expanding into the U.S. market. They introduced their first offerings there in September 2023. CoinShares believes that the U.S. plays a crucial role in the world of digital assets, both in terms of innovation and regulatory measures.
