Inflows into digital asset investment products have hit a new record of over $17.8 billion year-to-date (YTD), pointing to the start of a potential crypto market recovery.
The new record comes after cryptocurrency investment products saw a total of $1.44 billion worth of inflows last week.
According to CoinShares data, the year-to-date inflows for 2024 have reached $17.8 billion, significantly surpassing the previous record of $10.6 billion set in 2021.
According to the report, the lion’s share of the inflows is attributed to United States-based buyers, while Switzerland has also bought record amounts of digital assets. CoinShares said:
“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.”Crypto asset flows by institutions. Source: CoinShares
Related: Crypto holders predicted to triple by 2026, says Lunu CEO
Bitcoin records fifth-largest week of inflows
Bitcoin (BTC) experienced its fifth-largest weekly inflow on record, amounting to over $1.35 billion. This substantial influx helped the world’s first cryptocurrency rebound above the significant $60,000 mark.
Meanwhile, short Bitcoin-related investment products experienced their largest weekly outflows since April 2024, totaling over $8.6 million.
Weekly Crypto Asset Flows. Source: CoinShares
Last week’s Bitcoin dip-buying was likely due to the price decline, caused partly by the German government selling BTC. According to CoinShares:
“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expect CPI in the US prompted investors to add to positions.”Flows by assets. Source: CoinShares
Related: Bitcoin bottom signal? German gov’t runs out of BTC to sell
Ethereum sees $72 millio in inflows in anticipation of Ether ETF
Ether (ETH) had the second-largest inflows after Bitcoin, totaling over $72.1 million for the past week.
The growing inflows likely came in anticipation of the first spot Ethereum…
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