Switzerland could be a haven for crypto investing, here’s why
Weekly data from CoinShares shows that the majority of inflows in Investment products for digital assets hail from Switzerland, confirming their status as one of the top regions for crypto investments.
Switzerland recorded a month-to-date inflow of $355.6 million, well ahead of second place, the United States, which had a MTD inflow of $42 million. Switzerland’s YTD investments currently amount to USD 576.8 million.
Sweden had the most outflows from crypto investment products worth $385.6 million.
A breakdown of crypto investing
CoinShares data also shows that digital asset investment products have inflowed a total of $27 million. Meanwhile, last week’s total inflows have been revised from $12 million to $343 million due to late reports. This is the largest weekly inflow into digital asset products since November 2021.
Last week, crypto prices saw a significant rally as bitcoin surged above $24,000 and ETH surged above $1.6,000. Crypto prices have since fallen in anticipation of the FOMC meeting that will decide interest rates to curb inflation.
The impact of the price rally on crypto
BTC investment products saw an inflow of $19 million, while the week before saw an inflow of $206 million. This is the largest inflow into BTC investment products since May 2022. Similarly, Ethereum digital assets saw an $8 million weekly inflow over the past week, up from $120 million the previous week. This is the largest such increase since June 2021.
The price of ETH surged in the last two weeks after the ETH merger date was announced. As a result of the rally, all digital asset investment inflows stand at $394 million month-to-date, while assets under management have returned to $30 billion.
Short Bitcoin, which hit an ATH of $145 million in assets under management on July 13, saw a significant outflow that reduced its current assets under management to $133 million.
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