Switzerland Could Be A Haven For Crypto Investment, Here’s Why
Weekly data from CoinShares highlights that the majority of inflows in digital asset investment products were from Switzerland, reaffirming its status as one of the best regions for crypto investments.
Switzerland saw a Month-To-Date inflow of $355.6 Million, way ahead of second place the United States, which had an MTD inflow of $42M. Switzerland’s YTD investment currently stands at USD 576.8 million.
Sweden had the most outflows from crypto investment products worth $385.6 million.
A Breakdown Of Crypto Investment
CoinShares data also highlights that a total of $27M inflow was seen in digital asset investment products. Meanwhile, late reporting saw the prior week’s total inflows get corrected from USD 12 million to USD 343 million. This is the largest weekly inflow into digital asset products since November 2021.
Last week, crypto prices saw a significant rally as Bitcoin moved above $24K and ETH rallied to over $1.6K. The crypto prices have since dropped in anticipation of the FOMC meeting which will decide the interest rate to curb inflation.
The Impact Of Price Rally On Crypto
BTC investment products saw an inflow of $19M while the week prior had an inflow of $206M. This is the largest inflow into BTC investment products since May 2022. Similarly, Ethereum digital assets saw a weekly inflow of $8 M the last week, following the prior week’s US$ 120M. That is the largest such increase since June 2021.
ETH’s price rallied in the last two weeks following the announcement of the ETH merge’s date. As a result of the rally, the month-to-date inflows of all digital asset investments are at $394M while the Asset-Under-Management has reached back to USD 30 billion.
Short Bitcoin, which reached an ATH of USD 145M in Assets Under Management on July 13th, saw a significant outflow which reduced its current AUM to USD 133M.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.