Digital asset investment products experienced significant buying activity last week, resulting in inflows of $1.44 billion. This brings the year-to-date total to a record $17.8 billion, far exceeding the 2021 figure of $10.6 billion, according to Coinshares.
Digital Asset Funds Achieve Record $17.8B Inflows in 2024, Reports Coinshares
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Record Inflows in Digital Asset Funds Amid Price Weakness, Report Shows
This week, James Butterfill, lead analyst at Coinshares, highlighted that bitcoin (BTC) saw the fifth-largest weekly inflows on record, with $1.35 billion added. However, short- bitcoin products experienced their largest weekly outflows since April, at $8.6 million.
This is likely attributed to a combination of price weakness due to German government bitcoin sales and a positive shift in investor sentiment driven by lower-than-expected Consumer Price Index (CPI) data in the United States.
The report also noted substantial inflows into various altcoins. ethereum led the way with $72 million, the largest weekly inflow since March, likely driven by anticipation of the imminent approval of a spot-based exchange-traded fund (ETF) in the United States.
Other notable inflows included $4.4 million into solana ( SOL), $2 million into avalanche (AVAX), and $1.3 million into chainlink (LINK). Regional contributions were led by the United States with $1.3 billion, followed by significant inflows from Switzerland, Hong Kong, and Canada.
What do you think about the record-breaking flows digital asset funds have seen in 2024? Share your thoughts and opinions about this subject in the comments section below.
