Bitcoin, Ethereum and Other Crypto Funds Nab $767 Million in Just 6 Weeks

MARKET_WATCH Crypto

Crypto investment products saw $261 million in fresh cash last week, establishing a six-week stretch of positive inflows that rivals growth from last year, according to CoinShares’ latest crypto fund report.

 

“Although similar in magnitude to inflows we saw in June, it wasn’t for a sustained period of six weeks like it is this time around,” CoinShares Head of Research James Butterfill told Decrypt, adding it’s the longest streak of inflows since early 2022.

 

Swelling by $261 million over the past week, institutions have contributed $767 million to digital asset investment products since the streak emerged. 

 

In 2022, products with exposure to coins like Bitcoin, Ethereum, and Solana saw inflows of $736 million.

Institutions have contributed $847 million so far this year, according to CoinShares. 

 

Coinciding with Bitcoin’s climb to $35,000 in anticipation of a spot Bitcoin ETF, last week's inflows of $261 million followed $326 million from the week before.

 

Without question, Bitcoin was the largest recipient of weekly inflows by asset at $229 million, followed by Ethereum at $17.5 million, and Solana at $11 million. Other altcoins, like Ripple (XRP) and Cardano, saw flows of $200,000 and $500,000, respectively.

 

“U.S. investors are beginning to participate,” CoinShares reported, noting that American investors allocated $157 million last week—the most active group among any other region. 

 

So far, they’ve contributed $493 million this year, according to CoinShares.

 

After the United States, investors in Germany built on annual flows of $301 million by $63 million, and Swiss investors added $36 million to their total to $255 million. 

 

Meanwhile, outflows in Sweden grew from $2.6 million to $94 million annually.

 

While Ethereum has seen outflows of $107 million this year, the second-largest cryptocurrency by market capitalization saw notable inflows last week. Notching a fresh $17.5 million, it was Ethereum’s steepest pace of inflows since August of last year.

 

Source : Decrypt / November 06, 2023

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