Crypto investment products recorded strong inflows during the past trading week, amid Bitcoin surging to a new all-time high of $123,095.
According to a report from CoinShares on Monday, global cryptocurrency ETP products attracted $3.7 billion in inflows for the week ending last Friday.
This additional funding has pushed total year-to-date (YTD) inflows into crypto ETPs to a new record level of $22.7 billion, an increase of about 20% from $19 billion the previous week.
The total value of assets in cryptocurrency funds also reached an all-time high, with assets under management (AUM) first hitting the threshold of $211 billion.
Bitcoin led with $2.7 billion in inflows into ETPs
Bitcoin ETPs took the lead last week, recording inflows of $2.7 billion, equivalent to 73% of total inflows into crypto ETPs for the week.
This new influx of billions of dollars marks a significant recovery from the previous week's $790 million, after averaging $1.5 billion/week in the three weeks prior.
After a pause in inflows last week, CoinShares' Head of Research, James Butterfill, suggested that investors are becoming increasingly cautious as Bitcoin approaches new all-time highs.
However, investor sentiment towards ETP products continues to improve, as inflows into Bitcoin ETFs in a single day exceeded $1 billion just a day later. This milestone came right after BTC set a new all-time high, surpassing $112,000 last Wednesday, according to data from SoSoValue.
The new inflows have pushed the total assets under management (AUM) of Bitcoin ETPs to $179.5 billion, Butterfill noted, adding that this figure is the first time equivalent to 54% of total assets held in gold ETPs.
Ethereum ETP recorded its 12th consecutive week of inflows
Ethereum ETPs have recorded inflows for the 12th consecutive week, with total inflows reaching $990 million — marking the fourth largest inflow in history, according to data from CoinShares.
"Relative to its size, inflows into Ethereum over the past 12 weeks accounted for 19.5% of total AUM, compared to 9.8% for Bitcoin," Butterfill stated.
In contrast, XRP ETPs recorded the largest weekly outflows, totaling $104 million, while Solana (SOL) saw strong inflows of $92.6 million.
The inflows are spread evenly among issuers in the U.S.
The inflows over the past week were fairly evenly distributed among ETP issuers in the U.S., with BlackRock's crypto iShares funds leading with $2.4 billion attracted.
Fidelity Investments and ARK Invest followed with $400 million and $339 million, respectively.
Meanwhile, CoinShares is one of the few issuers in Europe to report slight outflows, with a total value of $16 million for the week.
