Crypto funds from asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares saw record inflows totaling $2.7 billion globally last week, according to the latest report from CoinShares.
Last week’s inflows surpassed the previous high of $2.45 billion set in February, driven by substantial interest in Bitcoin spot exchange-traded funds in the United States.
The record week brings year-to-date admissions to $10.3 billion, just shy of the $10.6 billion in admissions for all of 2021, head of research James Butterfill at CoinShares. wrote.
Weekly trading volume also generated a new record of $43 billion last week, almost 50% higher than the previous high of $30 billion set the week before.
Combined with recent price increases in the crypto market, total assets under management also hit an all-time high of $94.4 billion, up 14% over the past week and 88% since the start of the year, according to CoinShares.
Bitcoin funds continue to dominate, US leads regionally
Regionally, US-based funds continued their strong dominance following the Bitcoin ETF spot approval, recording $2.8 billion in inflows last week. Swiss-based investment products came in second, generating $21 million, and Brazil-based funds came in third with $18 million in inflows last week. However, crypto funds in Germany, Sweden, and Canada saw outflows of $77 million, $39 million, and $35 million, respectively.
Unsurprisingly, Bitcoin investment products remained the center of attention, generating $2.6 billion in inflows last week. Despite the price action, Bitcoin short funds saw inflows of $11 million.
BlackRock’s IBIT spot Bitcoin ETF and Fidelity’s FBTC both hit record daily inflows of $788 million and $73 million, respectively, over the past week. As of Friday, IBIT had surpassed $10 billion in inflows after just two months of trading, while new nine-spot Bitcoin ETFs – excluding Grayscale’s converted GBTC fund – also surpassed $20 billion of dollars in inflows, with net inflows now totaling more than $9.5 billion.
In terms of altcoin-based products, after three weeks of consecutive outflows, Solana-based funds returned to inflows of $24 million for the week, in the middle reports that Pantera Capital is raising funds to buy back Solana’s holdings from the FTX bankruptcy estate.
Ether-based investment products had a worse week, with outflows of $2.1 million, while Polkadot, Fantom, Chainlink and Uniswap products also saw minor inflows.
The price of bitcoin reached new highs on Monday, surpassing the $72,000 mark for the first time in its history, according to The Block’s price page.
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