Crypto funds hit $2.5 billion weekly inflow record amid growing spot Bitcoin ETF interest
Digital-asset investment products witnessed record inflows last week, adding nearly $2.5 billion globally.Assets under management at the funds are now back to December 2021 levels.
Dominated by the new U.S. spot Bitcoin BTC +0.93% exchange-traded funds, year-to-date inflows to digital asset investment products now stand at $5.2 billion.
Combined with recent price increases, assets under management at the crypto investment firms now stand at $67 billion — the highest level since December 2021 amid the peak of the last bull market — CoinShares Head of Research James Butterfill wrote .
Weekly crypto asset flows. Images: CoinShares .
According to The Block's data dashboard, bitcoin is currently trading at $52,188 — up nearly 25% year-to-date.
BTC/USD price chart. Image: The Block/TradingView .
Accelerating inflows indicate increasing interest in US spot Bitcoin ETFs
The United States continued its regional dominance, accounting for 99% of the weekly inflows, totaling $2.4 billion. Switzerland and Germany-based funds registered modest inflows of $16.7 million and $13.3 million, respectively, while Sweden witnessed the largest regional outflows of $26.3 million.
The significant acceleration of net inflows, alongside a reduction in outflows from incumbents such as Grayscale’s converted GBTC fund, indicates increasing interest in the new U.S. spot Bitcoin ETFs, according to Butterfill.
Unsurprisingly, bitcoin investment products also dominated, again accounting for 99% of last week’s inflows. However, some investors increased their short positions, with $5.8 million worth of inflows added to short-bitcoin products.
Ether led in terms of altcoin-based funds, witnessing $21.1 million in inflows. Avalanche funds saw inflows of $1 million, and Chainlink and Polygon products both added $900,000 — continuing their consistent weekly inflow streak.
However, Solana investment products did not fare so well, registering $1.6 million in outflows with the network's recent downtime dampening sentiment, Butterfill argued.
Blockchain equity ETF investors also took profits last week, leading to outflows totaling $167 million, Butterfill added.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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