The Crypto markets are heating up. Those of you who bought the dip should be happy! I bought the dip. A LOT of dip. Anyhow, again this is not an investing advice blog post. Just sharing information.
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- Digital-asset investment products witnessed record inflows last week, adding nearly $2.5 billion globally.
- Assets under management at the funds are now back to December 2021 levels.
Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered record inflows totaling $2.45 billion globally last week, according to CoinShares’ latest report.
Dominated by the new U.S. spot Bitcoin BTC +0.17% exchange-traded funds, year-to-date inflows to digital asset investment products now stand at $5.2 billion.
Combined with recent price increases, assets under management at the crypto investment firms now stand at $67 billion — the highest level since December 2021 amid the peak of the last bull market — CoinShares Head of Research James Butterfill wrote.
Weekly crypto asset flows. Images: CoinShares.
According to The Block’s data dashboard, bitcoin is currently trading at $52,188 — up nearly 25% year-to-date.
BTC/USD price chart. Image: The Block/TradingView.
Accelerating inflows indicate increasing interest in US spot Bitcoin ETFs
The United States continued its regional dominance, accounting for 99% of the weekly inflows, totaling $2.4 billion. Switzerland and Germany-based funds registered modest inflows of $16.7 million and $13.3 million, respectively, while Sweden witnessed the largest regional outflows of $26.3 million.
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The significant acceleration of net inflows, alongside a reduction in outflows from incumbents such as Grayscale’s converted GBTC fund, indicates increasing interest in the new U.S. spot Bitcoin ETFs, according to Butterfill.
https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-flows/embed
Unsurprisingly, bitcoin investment products also dominated, again accounting for 99% of last week’s inflows. However, some investors increased their short positions, with $5.8 million worth of inflows added to short-bitcoin products.
Ether led in terms of altcoin-based funds, witnessing $21.1 million in inflows. Avalanche funds saw inflows of $1 million, and Chainlink and Polygon products both added $900,000 — continuing their consistent weekly inflow streak.
However, Solana investment products did not fare so well, registering $1.6 million in outflows with the network’s recent downtime dampening sentiment, Butterfill argued.
Blockchain equity ETF investors also took profits last week, leading to outflows totaling $167 million, Butterfill added.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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