crypto investment products reached a historic milestone last week, recording a staggering $3.85 billion in weekly inflows, according to the latest report from CoinShares. report on digital asset flows.
These inflows brought year-to-date (YTD) totals to $41 billion, and assets under management (AuM) rose to $165 billion. The figures have surpassed the previous record set in 2021, which recorded $10.6 billion in total inflows and $83 billion in assets under management.
bitcoin leads
bitcoin emerged as the dominant force behind last week's inflows, contributing $2.5 billion to the total and raising its year-to-date inflows to $36.5 billion.
US-based bitcoin ETFs contributed significantly to these numbers, with BlackRock's IBIT seeing inflows of over $3 billion and Fidelity's FBTC seeing inflows of $262 million.
Notably, the influx of these products has raised their collective btc holdings above those of Satoshi Nakamoto, the pseudonymous creator of the flagship digital asset.
Interestingly, bitcoin shorts also recorded inflows of $6.2 million. CoinShares head of research James Butterfill linked this entry to the current bullish momentum in the market that helped push the price of btc to a new all-time high above the $100,000 mark.
However, he noted that the modest sum reflects a cautious stance among bearish traders amid the market's bullish momentum. Historically, capital inflows into short products tend to spike following significant price increases.
ethereum and XRP gain ground
During the reporting period, ethereum attracted $1.2 billion in inflows, marking its highest weekly total since the launch of ethereum-based ETFs.
Market watchers noted that rising demand for ethereum products has resulted in a two-week streak of inflows totaling more than $1.3 billion. This increase aligns with increased interest in the utility of ethereum and growing institutional adoption.
XRP maintained its upward momentum, attracting over $134 million in inflows. Market optimism surrounding a possible launch of an XRP ETF in the US has reinforced its appeal among investors.
Furthermore, XRP recently hit a seven-year high price, surpassing $2 and raising its market capitalization to a record $150 billion. However, the asset has since seen a slight 5% pullback over the last 24 hours to $2.43 at press time, according to CryptoSlate data.
