Last week, a record $3.13 billion net inflow into crypto investment products was recorded, with the majority of these inflows coming from spot Bitcoin ETFs in the US.
While Bitcoin-based investment funds gained value, there were also significant inflows to altcoin funds. According to CoinShares data, the vast majority of these inflows came from spot Bitcoin ETFs in the US. Total net inflows since the beginning of the year reached an all-time high of $37 billion. In addition, with the increase in the price of Bitcoin (BTC), assets under management increased to $153.3 billion. Spot Bitcoin ETFs in the US saw a record net inflow of $3.38 billion last week. $2.05 billion of this amount came from BlackRock’s IBIT product alone. While US-based funds generated a total inflow of $3.2 billion, funds in Sweden, Germany and Switzerland experienced outflows of $84 million, $40 million and $17 million, respectively.
There was a total of $3 billion inflow into Bitcoin-based investment funds globally. In addition, the rise in the price of Bitcoin has increased interest in short-position Bitcoin products. There was an inflow of $58 million into short-position investment products this month. This marks the highest monthly inflow since August 2022.
On the other hand, altcoin investment funds continued to grow with investor interest. Solana (SOL) surpassed Ethereum (ETH) with a weekly inflow of $16 million. XRP, Litecoin (LTC) and Chainlink (LINK) funds had inflows of $15 million, $4.1 million and $1.3 million, respectively.
Bitcoin is currently trading at $98,396, up 133% since the beginning of the year. “Bitcoin has been consolidating between $95,000 and $99,000 in recent days,” said BRN analyst Valentin Fournier, adding that “institutional and retail demand could help break the resistance at this level.”