Crypto Inflows Hit Record High of $14.9 Billion Year to Date

Bitcoin exchange-traded products saw $1 billion of inflows last week, pushing the overall inflows into digital asset products to a year-to-date record high

Crypto investment products saw another positive week in terms of inflows, which hit a record high of $14.9 billion for the year so far, as per data from CoinShares.

In the latest report examining flows into digital asset investment products, CoinShares noted that Bitcoin-related investment products saw $1.01 billion of the $1.05 billion worth of inflows last week. 

Meanwhile, short-bitcoin related products saw $4.3 million outflows, indicating that investor sentiment had turned towards the upside for the leading digital asset.

On the back of the U.S. Securities and Exchange Commission (SEC) approving key filings for ether spot exchange-traded funds (ETFs), Ethereum investment products $36 million worth of inflows for the week, making it the biggest week of inflows since March.

The price of bitcoin is currently sitting at around $68,600, and ether is trading at the $3,800 mark. According to CoinShares, the recent positive price action has pushed assets under management (AUM) across crypto funds to $98.5 billion.  

Traditional finance is also starting to pay closer attention to digital asset markets, with a particular focus on the growing momentum around spot crypto ETFs. A research report from Wall Street brokerage Bernstein seen by CoinDesk suggested that bitcoin and ether spot ETFs could grow to a $250 billion market.

Over the next two years, analysts at Bernstein estimate that crypto funds could see over $100 billion worth of inflows.

They also noted that a nod to a proof-of-stake cryptocurrency like ether to be traded in an ETF would have a good impact on the wider market for crypto tokens.

“This has positive implications for other blockchain tokens, as they may follow the same precedent, and solana (SOL) could benefit,” they said.