Crypto investment products achieved a historic milestone last week, recording a staggering $3.85 billion in weekly inflows, according to CoinShares’ latest report on digital asset flows.
The total assets under management (AuM), which includes the year-to date (YTD), grew to $165 Billion. This is a record-breaking increase over the $10.6billion in total flows and $83billion in assets under management (AuM) in 2021.
Bitcoin leads
Bitcoin emerged as the dominant force behind last week’s inflows, contributing $2.5 billion to the total and bringing its YTD inflows to $36.5 billion.
US-based Bitcoin ETFs contributed significantly to these numbers, with BlackRock’s IBIT recording inflows of more than $3 billion and Fidelity’s FBTC seeing inflows of $262 million.
Noteworthy, this inflow now puts their BTC totals ahead of Satoshi, pseudonym creator of digital assets.
Interesting, there were also inflows worth $6.2million for short Bitcoin. CoinShares head of research James Butterfill linked this inflow to the current bullish momentum in the market that helped push BTC’s price to a new all-time high above the $100,000 mark.
However, he noted that the modest sum reflects a cautious stance among bearish traders amid the market’s bullish momentum. In the past, short product inflows have tended to increase after significant price increases.
Ethereum and XRP Gain traction
Ethereum’s weekly inflows reached $1.2 Billion during the period covered by the report, its highest total since Ethereum ETFs were launched.
Market watchers noted that the increasing demand for Ethereum-based products led to a streak of two weeks inflows totaling more than $1.3 billion. This surge aligns with heightened interest in Ethereum’s utility and expanding institutional adoption.
XRP continued to grow, attracting more than $134 million of inflows. The market’s optimism about a possible XRP ETF launched in the US has boosted its appeal.
XRP’s market capitalization reached a record high of 150 billion dollars, a 7-year high. It recently surpassed $2. However, the asset has since experienced a slight pullback of 5% during the last 24 hours to $2.43 as of press time, according to CryptoSlate’s data.
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