Crypto investment products attracted $3.85 billion in weekly inflows, exceeding an all time high, CoinShares statistics showed, bringing year to date flows to $41 billion and total AuM past $165 billion. With $3.6 billion, it was the U.S. that was the leader, followed by Switzerland ($160 million), Germany ($116 million), Canada ($14 million) and Australia ($10 million).
With $3.6 billion, the U.S. had the most, with Switzerland $160 million, Germany $116 million, Canada $10 million and Australia $10 million. Bitcoin products accounted for $2.5 billion in inflows to SIX last week and $36.5 billion in total 2023 inflows.
Ethereum products also saw a major milestone, raking in $1.2 billion in weekly inflows, a record. In the past two weeks alone Ethereum has seen over $1.3 billion in inflows that show money is beginning to flow into the project.
Record Inflows into Bitcoin ETFs Led by BlackRock and Fidelity
Meanwhile Solana products lost $14 million as they suffered their second consecutive week of outflows. Meanwhile inflows to XRP products hit $134.3 million out of XRP optimism for a U.S. XRP ETF, a level not seen since the 2018 market crash which caused a great dip for the alt coin. XRP tore above $2, its highest price since 2012, before paring a tad to landing at $2.13. During the past month, XRP has rallied by 337%.
The inflows into short Bitcoin products of $6.2 million show that investors were more cautious even as the price of the cryptocurrency crossed $100,000. Both Bitcoin’s momentum continues and that inflows into short products have seen very little, suggesting betters are still still hesitant to bet against Bitcoin’s momentum.
Both IBIT, run by U.S.-based BlackRock, and FBTC, from U.S.-based Fidelity, led their category in record inflows, bringing in $3 billion and $262 million, respectively. Now, these ETFs hold collectively more Bitcoin than its anonymous creator, Satoshi Nakamoto.
Other than larger gains for ADA and BNB, Litecoin and Chainlink also all benefited from inflation, alongside smaller gains for Cardano’s ADA. But multi asset products showed outflows of $6.3 million.
The inflows put them on a money laundering record, but indicate rising institutional interest in cryptocurrencies. The rising adoption in Ethereum is reflected in its historical growth, and while XRP enjoys optimism while regulators figure out where they stand on digital assets.
Institutional investments on Bitcoin drive its price and market experience while it still remains Bitcoin. There are outflows and cautious sentiment but the cryptocurrency market has a bullish trend overall.
