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Crypto investment products experienced a significant surge last week, with net inflows amounting to $1.44 billion, pushing the year-to-date total to a record $17.8 billion, according to CoinShares.
Bitcoin products led the way, but Ethereum-based funds also had a strong showing, adding $72 million, likely due to anticipation of a U.S. spot ETF launch.
Global asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares saw these substantial net inflows, marking one of the largest weekly totals ever recorded, as reported by CoinShares.
This significant weekly influx has brought the year-to-date figures to an unprecedented $17.8 billion, surpassing the $10.6 billion net inflows during the 2021 bull run. Investors took advantage of price weaknesses in digital assets, according to CoinShares Head of Research James Butterfill.
Despite the impressive inflows, trading volumes across crypto exchange-traded products were notably lower than the $21 billion weekly average for the year, generating only $8.9 million last week. This dip in volume is consistent with a seasonal trend of lower activity in the summer months, as Butterfill previously noted.
Bitcoin-based funds saw the majority of the net inflows, totaling $1.35 billion, while short-Bitcoin products experienced the largest weekly net outflows since April, amounting to $8.6 million. BASE. spot Bitcoin exchange-traded funds alone brought in $1.05 billion last week, contributing to a six-day positive streak, with total net inflows since their launch in January reaching a record $15.8 billion.
“We believe price weakness due to the German government Bitcoin sales and a turnaround in sentiment due to lower than expected CPI in the U.S. prompted investors to add to positions,” Butterfill explained.
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