Global cryptocurrency investment products experienced unprecedented inflows of 2.7 billion Dollars in the past week

Crypto News– According to the latest report from CoinShares, asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares collectively experienced record inflows of $2.7 billion into crypto funds globally last week.

Global cryptocurrency investment products experienced unprecedented inflows of 2.7 billion Dollars in the past week

This surge in inflows surpassed the previous peak of $2.45 billion set in February, primarily driven by significant interest in U.S. spot bitcoin exchange-traded funds.

James Butterfill, CoinShares Head of Research, noted that the total year-to-date inflows of $10.3 billion were nearly on par with the $10.6 billion recorded for the entirety of 2021. Additionally, weekly trading volume reached a new high of $43 billion, almost 50% higher than the previous peak of $30 billion just the week before.

With recent price increases in the crypto market, total assets under management also reached a record high of $94.4 billion, marking a 14% increase over the past week and an 88% increase year-to-date.

In terms of regional trends, U.S.-based funds continued to dominate, with $2.8 billion in inflows last week, followed by Switzerland-based products with $21 million and Brazil-based funds with $18 million. However, funds in Germany, Sweden, and Canada experienced outflows of $77 million, $39 million, and $35 million, respectively.

Bitcoin investment products remained the primary focus, attracting $2.6 billion in inflows last week. Despite fluctuations in the price of bitcoin, short-bitcoin funds also saw inflows of $11 million.

BlackRock’s IBIT and Fidelity’s FBTC spot bitcoin ETFs both experienced record daily inflows of $788 million and $73 million, respectively, during the past week. By Friday, IBIT had surpassed $10 billion in inflows after just two months of trading, while the nine newly introduced spot bitcoin ETFs, excluding Grayscale’s converted GBTC fund, collectively attracted over $20 billion in inflows, with net inflows totaling more than $9.5 billion.

Regarding altcoin-based products, Solana-based funds returned to inflows of $24 million for the week after three weeks of consecutive outflows, amid reports of Pantera Capital raising funds to acquire Solana holdings from the FTX bankruptcy estate.

However, Ether-based investment products experienced outflows of $2.1 million for the week, while Polkadot, Fantom, Chainlink, and Uniswap products saw minor inflows.