Crypto investment products see record year-to-date inflows of $13.8 billion
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.
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.
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.The U.S. spot Bitcoin BTC +4.26% 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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