Digital Asset Fund Inflows Exceeds $1 Billion Mark in 7 Weeks

Key Points:

• Digital asset fund saw a record $293 million inflow last week, pushing the 7-week total past $1 billion for the year.
• Bitcoin’s year-to-date inflows reached $1.08 billion, with Bitcoin ETP trading volumes representing 19.5% of total Bitcoin trading.
• Ethereum marked its highest inflows since August 2022 at $49 million.

In the past week, the digital asset fund recorded a remarkable inflow of $293 million, marking the seventh consecutive week of positive flows and pushing the 7-week total past the significant $1 billion milestone, according to the CoinShare report.

Digital Asset Fund Soars, Crossing $1 Billion Yearly Inflows Mark

Year-to-date, digital asset fund inflows have reached an impressive $1.14 billion, securing the third-highest yearly inflow on record. This surge has elevated total assets under management (AuM) by 9.6% in the last week alone and an impressive 99% since the beginning of the year, now standing at a substantial $44.3 billion—the highest since the notable digital asset fund failures in May 2022.

Bitcoin Exchange-Traded Product (ETP) trading volumes surged to represent 19.5% of total Bitcoin trading volumes on reputable exchanges. This unusual occurrence suggests that ETP investors are significantly engaging in the current rally compared to the 2020/21 period.

Bitcoin Dominance and Ethereum’s Resurgence Shape Record-Breaking Week

Bitcoin attracted inflows of $240 million last week, contributing to a year-to-date total of $1.08 billion. Meanwhile, short-bitcoin experienced outflows of $7 million, indicating a prevailing positive sentiment in the market.

Ethereum witnessed its most substantial inflows since August 2022, totaling $49 million. The past two weeks have marked a notable turnaround in sentiment, likely influenced by the recent spot-based ETF listing request in the United States. Additionally, Solana experienced increased inflows amounting to $12 million.

In the realm of blockchain equity ETFs, a noteworthy influx of $14 million was recorded, marking the highest since July 2022 and bringing year-to-date flows into positive territory at $11 million. The digital asset market continues to showcase resilience and investor confidence, setting new records and reflecting the evolving dynamics of the crypto landscape.

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