Crypto fund inflows have surged past $1 billion for this year after to the third-highest on record as an additional $293 million flowed into the industry last week, CoinShares said.
More than $1bn has flowed into the industry in the past seven weeks, bringing total net inflows for the year to US$1.14 billion, it said.
Bitcoin Products Attract the Highest Crypto Fund Inflows
Bitcoin investment products accounted for the majority of the inflows with $240 million. Bitcoin short products, on the other hand, saw outflows of $7 million, underscoring positive sentiment amid excitement over the possible approval of spot Bitcoin ETFs.
Bitcoin exchange-traded products (ETPs) accounted for 19.5% of Bitcoin’s total trading volume over the past week, something that this “has rarely happened and suggests ETP investors are participating much more in this rally compared to 2020/21,” said head of research James Butterfill.
Blackrock’s Proposed Spot Ether ETF Leads to Capital Injection
Bitcoin was not the only cryptocurrency to record large inflows, with Ethereum-based products recording the highest inflows since August last year. Products linked to the altcoin leader received a $49 million capital injection, which added to the $175 million worth of inflows recorded in the prior week.
Ether’s substantial rise in inflows comes after BlackRock filed to register an Ethereum Trust entity in Delaware and Nasdaq filed papers BlackRock’s proposed spot ether ETF.
Solana-based funds also benefited from the uptick with inflows of $12 million recorded over the past week. The project’s native token, SOL, saw its price climb more than 30% during the same week.
Canada, the U.S. and Germany were the main drivers of the crypto fund inflows last week. Canada reached $105.7 million, the US was second with $81.1 million, while Germany came in third with $52.9 million.
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