Global crypto investment products saw $2.7 billion record inflows last week
Quick Take
- Crypto investment products witnessed record inflows last week, adding nearly $2.7 billion globally, according to CoinShares.
- Year-to-date flows have now reached $10.3 billion — already approaching the record $10.6 billion worth of inflows generated in the whole of 2021.
- Crypto funds also witnessed record trading volume of $43 billion last week as assets under management also reached new highs of $94 billion.
Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered record inflows totaling $2.7 billion globally last week, according to CoinShares’ latest report.
Last week’s inflows beat the prior peak of $2.45 billion set in February, led by substantial interest in the U.S. spot bitcoin exchange-traded funds.
The record week brings year-to-date inflows to $10.3 billion — just shy of the $10.6 billion worth of inflows for the whole of 2021, CoinShares Head of Research James Butterfill wrote.
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Weekly crypto asset flows. Images: CoinShares.
Weekly trading volume also generated a new record of $43 billion last week — nearly 50% higher than the prior peak of $30 billion set just the week before.
Combined with recent price gains in the crypto market, total assets under management also hit a record high of $94.4 billion — rising 14% over the past week and 88% year-to-date, per CoinShares.
Bitcoin funds continue to dominate, US leads regionally
Regionally, U.S.-based funds continued their heavy dominance post spot bitcoin ETF approval, registering $2.8 billion worth of inflows last week. Switzerland-based investment products were second, generating $21 million, and Brazil-based funds third with $18 million worth of inflows last week. However, crypto funds in Germany, Sweden and Canada saw outflows of $77 million, $39 million and $35 million, respectively.
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Unsurprisingly, bitcoin investment products remained the focus, generating $2.6 billion worth of inflows last week. Despite the price action, short-bitcoin funds saw inflows of $11 million.
BlackRock’s IBIT and Fidelity’s FBTC spot bitcoin ETFs both hit record daily inflows of $788 million and $73 million, respectively, during the past week. By Friday, IBIT had exceeded $10 billion in inflows after just two months of trading, while the newborn nine spot bitcoin ETFs — excluding Grayscale’s converted GBTC fund — also topped $20 billion worth of inflows, with net inflows now totaling over $9.5 billion.
In terms of altcoin-baseproducts, after three weeks of consecutive outflows, Solana-based funds returned to inflows of $24 million for the week, amid reports that Pantera Capital is raising funds to buy up Solana holdings from the FTX bankruptcy estate.
Ether-based investment products had a poorer week, witnessing $2.1 million in outflows, while Polkadot, Fantom, Chainlink and Uniswap products also saw minor inflows.
The bitcoin price set fresh highs on Monday, rising above the $72,000 mark for the first time in its history, according to The Block’s price page.
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