Digital Flows Totaled $261M Last Week
U.S. investors are likely anticipating the approval of a spot bitcoin ETF.
- Digital-asset investment products had $261 million in inflows last week, representing the sixth consecutive week of inflows for a total of $767 million, surpassing the total inflows of $736 million seen in 2022.
- Bitcoin saw the lion’s share of inflows with $229 million, bringing year-to-date inflows to $842 million, likely buoyed by the increasing likeliness of a spot-based ETF in the U.S.
Ethereum saw the largest inflows since August 2022, with $17.5 million
Digital-asset investment products saw inflows of $261 million last week, representing the sixth consecutive week of inflows that now totals $767 million, surpassing the total inflows of $736 million seen in 2022. This run of inflows now matches the July 2023 run of inflows and is the largest since the end of the bull market in December 2021.
U.S. investors are beginning to participate, accounting for $157 million in inflows, while Germany, Switzerland and Canada had inflows of $63 million, $36 million and $9 million, respectively.
Bitcoin had the lion’s share of last week’s inflows, $229 million, bringing year-to-date inflows to $842 million, likely buoyed by the increasing likeliness of a spot-based exchange-traded fund in the U.S. and weaker-than-expected economic data. Short-bitcoin had inflows of $4.5 million, highlighting some investors see the recent rally as unsustainable.
Ethereum, which has endured a terrible run of outflows this year totaling $107 million, saw the largest inflows since August 2022, with $17.5 million.
Solana, another altcoin, had inflows of $11 million, while chainlink had inflows of $2 million, representing 17% of total assets under management. Polygon and cardano had inflows of $800,000 and $500,000, respectively.