Japan’s Web3 Transformation: Monex Group Leading the Way
Last week, the crypto investment products market hit a significant milestone with a whopping $3.85 billion in weekly inflows, as reported by CoinShares. This surge has propelled the year-to-date totals to $41 billion, with assets under management (AuM) reaching $165 billion. These numbers have surpassed the previous record set in 2021, where $10.6 billion in total inflows and $83 billion in AuM were recorded.
Bitcoin Dominance
- Bitcoin emerged as the primary contributor to last week’s inflows, with $2.5 billion added to the total, bringing its year-to-date inflows to $36.5 billion.
- US-based Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC played a significant role in these numbers, with inflows exceeding $3 billion and $262 million, respectively.
- Interestingly, the collective BTC holdings of these products now surpass those of Satoshi Nakamoto, the mysterious creator of Bitcoin.
- Short Bitcoin products also saw inflows of $6.2 million, reflecting cautious sentiment among bearish traders amidst the market’s bullish trend.
Ethereum and XRP Momentum
- Ethereum attracted $1.2 billion in inflows during the reporting period, marking its highest weekly total since the launch of Ethereum-based ETFs.
- Market observers attribute this surge to growing demand for Ethereum products, fueled by its utility and increasing institutional adoption.
- XRP continued its upward trajectory, drawing over $134 million in inflows, driven by market optimism surrounding a potential XRP ETF launch in the US.
- Despite reaching a seven-year price high and a market capitalization of $150 billion, XRP experienced a slight 5% pullback to $2.43 in the last 24 hours.
Conclusion
The crypto market is witnessing significant inflows across various digital assets, with Bitcoin, Ethereum, and XRP leading the charge. Institutional interest, ETF launches, and market sentiment continue to drive investments in these assets, shaping the evolving landscape of the crypto ecosystem.
