Bitcoin Exchange-Traded Funds (ETFs) witnessed record inflows of $3.12 billion last week, surpassing all previous records, according to CoinShares. This significant increase contributed to a total of $3.13 billion in inflows for digital asset investment products during the week, pushing year-to-date inflows to an impressive $37 billion.
Bitcoin ETFs captured the majority of these inflows, with $3 billion alone. The rising Bitcoin prices also led to increased interest in short-Bitcoin investment products, which recorded inflows of $10 million. Monthly inflows for short-Bitcoin products reached $58 million, the highest since August 2022.
While Bitcoin dominated the inflow charts, Solana also made headlines by surpassing Ethereum in weekly inflows. Solana attracted $16 million in new investments, whereas Ethereum saw only $2.8 million. However, Ethereum still leads on a year-to-date basis. Other altcoins, such as XRP, Litecoin, and Chainlink, attracted inflows of $15 million, $4.1 million, and $1.3 million, respectively.
The US market’s $3.2 billion in inflows were partially offset by outflows from European countries, including Germany (-$40 million), Sweden (-$84 million), and Switzerland (-$17 million), as investors took the opportunity to realize profits during recent price peaks. In contrast, markets in Australia, Canada, and Hong Kong displayed positive sentiment, with inflows of $9 million, $31 million, and $30 million, respectively.
Despite the positive trend for individual cryptocurrencies, multi-asset investment products experienced two consecutive weeks of outflows, totaling $10.5 million. This could indicate a shift in investor preference towards single-asset strategies. For further insights, visit the full report on the CoinShares blog.
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