Inflows into digital asset investment products have reached a record high of over $17.8 billion year-to-date (YTD), indicating a potential recovery in the cryptocurrency market.

This milestone follows a week where cryptocurrency investment products saw inflows totaling $1.44 billion.

According to CoinShares data, the YTD inflows for 2024 have soared to $17.8 billion, eclipsing the previous record of $10.6 billion set in 2021.

The majority of these inflows are from U.S.-based investors, with Switzerland also making significant purchases of digital assets. CoinShares reported:

“Regionally, the US led with US$1.3bn for the week, although the positive sentiment was seen across all other countries, most notable being Switzerland (a record this year for inflows), Hong Kong and Canada with US$58m, US$55m and US$24m respectively.”

Bitcoin experienced its fifth-largest weekly inflow on record, totaling over $1.35 billion.

This influx helped Bitcoin climb back above the critical $60,000 mark.

Conversely, short Bitcoin-related investment products saw their largest weekly outflows since April 2024, with over $8.6 million leaving these products.

READ MORE: Nigerian Court Sets Verdict Date for Binance Tax Evasion Trial

Last week’s increase in Bitcoin buying was likely triggered by a price drop, partly due to the German government selling BTC. CoinShares commented:

“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expected CPI in the US prompted investors to add to positions.”

Ethereum followed Bitcoin with the second-largest inflows, amounting to over $72.1 million last week.

The surge in Ethereum inflows is likely driven by anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, which could start trading in the coming weeks.

US spot Ether ETF issuers expect to receive final comments from the Securities and Exchange Commission (SEC) early this week, according to a source familiar with the situation.

Several issuers, including VanEck and 21Shares, have filed amended registrations this week, hoping to obtain the SEC’s final approval to list spot Ether ETFs. Currently, eight issuers are awaiting regulatory approval in the US.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.