Crypto investment products see record year-to-date inflows of $13.8 billion

Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered another $646 million worth of inflows globally last week, according to CoinShares’ latest report.

Following net inflows of $862 million generated in the week prior, inflows year-to-date are now at their highest-ever level of $13.8 billion, far surpassing the prior annual record of $10.6 billion in 2021, just a few months into 2024.

It marks a continued rebound for global crypto funds, following the nearly $1 billion worth of outflows witnessed for the week ending March 22. However, there are also signs of exchange-traded fund hype moderating, CoinShares Head of Research James Butterfill wrote .

“There are signs that appetite from ETF investors is moderating, not achieving the weekly flow levels seen in early March, while volumes last week declined to $17.4 billion for the week compared to $43 billion in the first week of March,” Butterfill said.

Bitcoin remains the focus

Global bitcoin investment products remain the focus, adding $663 million last week, while short-bitcoin funds also saw their third-consecutive week of outflows totaling $9.5 million — “suggesting minor capitulation amongst bearish investors,” Butterfill added.The U.S. spot Bitcoin  BTC +4.26% ETFs continue to dominate, representing $484.5 million of last week’s net inflows, according to The Block’s data dashboard .

 

Bitcoin is trading up 4% over the past week at $72,129, according to The Block’s price page . Meanwhile, the GMCI 30 index — representing the top 30 cryptocurrencies by market cap — has gained 8% during the period to reach 154.27.

 

Litecoin, Solana and Filecoin investment products also registered inflows of $4.4 million, $4 million and $1.4 million, respectively, last week. However, Ether-based funds continued to buck the trend, experiencing outflows for the fourth consecutive week, losing $22.5 million.

Sentiment remains polarized regionally, Butterfill said, with U.S.-based funds adding $648 million last week, alongside inflows for Brazil, Hong Kong and Germany-based products. However, Switzerland and Canada registered $27 million and $7.3 million worth of outflows, respectively.