Crypto investment products see record year-to-date inflows of $13.8 billion
Quick Take
- Global crypto funds have hit record annual inflows of $13.8 billion year-to-date, adding another $646 million last week.
- However, there are signs of “ETF hype moderating,” according to CoinShares Head of Research James Butterfill.
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.
Weekly crypto asset flows. Images: CoinShares.
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.
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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.
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