Digital asset funds hit record $31.3B inflows as Bitcoin leads the charge

Digital asset funds hit record $31.3B inflows as Bitcoin leads the charge
фото показано с : cryptoslate.com

2024-11-12 19:20

Digital asset funds saw inflows of $1.2 billion last week, marking a fifth straight week of positive momentum, according to crypto asset manager CoinShares.

The increase pushed year-to-date inflows to an unprecedented $31.3 billion, bringing global assets under management to a record $116 billion.

CoinShares’ head of research, James Butterfill, highlighted that trading volumes for exchange-traded products (ETPs) jumped to $20 billion during this period—their highest level since April.

Bitcoin and US lead inflows

CoinShares reported that Bitcoin captured $1.8 billion in inflows last week, contributing to a $9 billion influx since the Federal Reserve’s interest rate cut in September.

Butterfill attributed this momentum to favorable macroeconomic conditions and significant changes in the US political landscape that bolstered investors’ confidence in the market. He stated:

“A combination of a supportive macro environment and seismic shifts in the US political system being the likely reason for such supportive investor sentiment.”

Notably, US-based funds accounted for $1.95 billion of the $1.98 billion in inflows, followed by Switzerland at $23 million and Germany at $20 million.

Notably, the US Bitcoin ETF sector remained especially active, with BlackRock’s IBIT fund drawing in roughly $1.3 billion, while outflows from Grayscale’s products continued to decline.

Market observers noted that the strong inflows into IBIT indicate a growing interest in Bitcoin-backed financial products. In addition, these flows also point to the broader trend of digital assets gaining traction within mainstream investment portfolios.

Ethereum and altcoins show renewed interest

Ethereum also experienced a surge in inflows, drawing $157 million, its highest weekly figure since exchange-traded funds launched in July. This uptick signals a renewed interest in ETH among institutional investors.

Other altcoins saw modest gains as well. Solana, Uniswap, and TRON posted inflows of $3.9 million, $1 million, and $0.5 million, respectively.

Meanwhile, blockchain equities attracted an additional $61 million, underscoring rising demand across the digital asset space.

The post Digital asset funds hit record $31.3B inflows as Bitcoin leads the charge appeared first on CryptoSlate.

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