- Total inflows in 2024 were 24% higher than 2021’s yearly record.
- Bitcoin accounted for 97% of the total inflows in 2024.
Inflows into digital asset investment products reached a new high last week, eclipsing the previous week’s figures.
According to the latest report by crypto asset management firm CoinShares, institutional investors poured $2.9 billion into the cryptocurrency funds last week, extending the winning streak to the seventh week.
Source: CoinShares
2024: The record-shattering year
With this, year-to-date (YTD) inflows surged to a whopping $13.2 billion, 24% higher than the total inflows recorded in the whole of 2021.
During the week, the total assets under management (AuM) hit the magical $100 billion mark for the first time in history. However, due to the price correction at the end of the week, it fell slightly to $97 billion.
Note that AuM is considered an important performance gradient of a fund. A higher AuM typically attracts higher investments.
Demand for U.S. spot ETFs continues unabated
As observed in previous weeks, the spike was fueled by significant investments into new spot Bitcoin [BTC] ETFs in the United States.
According to AMBCrypto’s analysis of SoSo Value data, these issuers netted $2.57 billion in inflows last week.
Source: SoSo Value
To the market’s relief, outflows from Grayscale Bitcoin Trust (GBTC) trailed inflows into other spot ETFs yet again, with BlackRock and Fidelity cornering the major chunk of investments.
As of the 15th of March, the combined AUM of all the U.S. spot bitcoin ETFs was $58 billion, accounting for 4.35% of Bitcoin’s total supply.
Assessing the performance of different products
The largest institutional crypto product Bitcoin saw inflows worth $2.86 billion last week, taking its YTD inflows to a whopping $12.86 billion.
Needless to say, Bitcoin has dominated total inflows into the digital asset market this year, accounting for 97%.
On the other hand, popular smart contracts-linked cryptocurrencies like Ethereum [ETH] and Solana [SOL] experienced outflows last week.
While $14 million was plugged out of Ethereum-linked funds, Solana-based crypto products witnessed a capital exit of $2.7 million.
