Bitcoin Drives Crypto Inflows to 26-Week High, Surpassing $2.5B
tl;dr
Bitcoin has contributed to crypto inflows reaching a 26-week high. The net inflows have more than doubled compared to the previous week, with funds tied to Bitcoin accounting for over 99% of total inflows.
Bitcoin Drives Crypto Inflows to 26-Week High
For the third week in a row, net inflows into crypto funds exceeded $2.5 billion. The funds tied to Bitcoin accounted for over 99% of total inflows. Digital asset funds attracted record inflows of $2.45 billion in total last week, fueled by rising institutional interest in spot Bitcoin [BTC] ETFs.
Record Inflows and Rising Institutional Interest
With the latest figures, total inflows since the start of the year 2024 have risen to over $5 billion. In addition, total assets under management (AuM) rose to a 26-month high of $67 billion. The recent price movements, which brought leading assets like Bitcoin and Ethereum [ETH] to cyclical highs, were a major driver of the rising AuM.
Bitcoin Spot ETFs in the Spotlight
Funds tied to Bitcoin accounted for over 99% of total inflows last week, bringing inflows since the start of the year to $5.02 billion. Much of the activity revolved around the newly introduced spot ETFs on the US market. In fact, according to the report, 99% of total inflows last week came from the USA.
Ethereum-Linked Funds on the Move
Funds tied to other major cryptocurrencies like Ethereum also recorded impressive inflows of over $21 million. On the other hand, Solana [SOL] saw an outflow of $1.6 million, which the report attributed to the negative sentiment following the recent network outage.
Our Assessment
The recent figures show a clear interest from institutional investors in cryptocurrencies, especially Bitcoin. This could be a sign of increasing acceptance of cryptocurrencies as an asset class. It remains to be seen whether this trend will continue, but the current figures are certainly encouraging.
Sources: Aniket Verma, Saman Waris, CoinShares, SoSo Value, CoinMarketCap.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $92,544.00 |
| 24h % | 0.53 % |
| 7d % | 5.73 % |
| 30d % | 35.13 % |
| 60d % | 46.95 % |
| 1y % | 153.03 % |
| Market Cap | $1,830,920,727,151.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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