Crypto Funds See Record Inflows, Reaching $67 Billion AUM
Crypto funds at asset managers like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares experienced record inflows of $2.45 billion globally last week, according to CoinShares’ latest report. The majority of these inflows were driven by new U.S. spot Bitcoin exchange-traded funds (ETFs), contributing to a total year-to-date inflow of $5.2 billion into digital asset investment products. These significant inflows, combined with recent price increases, have pushed the assets under management (AUM) at crypto investment firms to $67 billion—the highest level since December 2021.
Accelerating Inflows Indicate Growing Interest in US Spot Bitcoin ETFs
The United States accounted for 99% of the weekly inflows, amounting to $2.4 billion, solidifying its dominance in the region. Switzerland and Germany-based funds saw modest inflows of $16.7 million and $13.3 million respectively, while Sweden witnessed outflows of $26.3 million. The surge in net inflows and a reduction in outflows from incumbents like Grayscale’s GBTC fund suggests increasing interest in the new U.S. spot Bitcoin ETFs.
Bitcoin Investment Products Lead Inflows, Some Investors Increase Short Positions
Last week’s inflows were largely dominated by bitcoin investment products, accounting for 99% of the total. However, some investors also increased their short positions with $5.8 million worth of inflows into short-bitcoin products. In terms of altcoin-based funds, Ether led with $21.1 million in inflows, followed by Avalanche with $1 million and Chainlink and Polygon each adding $900,000. However, Solana investment products experienced outflows of $1.6 million due to the network’s recent downtime.
Blockchain Equity ETFs Experience Outflows
Investors in blockchain equity ETFs took profits last week, resulting in outflows totaling $167 million. This suggests a shift in sentiment among investors in this sector.
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