Crypto Funds Witness $1,100,000,000 Inflows; Bitcoin Captures 98%

Published: Feb 12, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Crypto funds attracted over $1.1 billion in fresh investments last week, pushing year-to-date inflows to $2.7 billion, according to the latest report from CoinShares. Total assets under management (AuM) also recovered to $59 billion, the highest level since early 2022.

Key Details:

  • US spot bitcoin ETFs drive momentum with $1.1 billion in weekly inflows.
  • Total inflows so far have hit $2.7 billion.
  • Bitcoin dominates flows, capturing 98% share.
  • Total AuM climbs back to $59 billion.

The main driver behind these inflows has been the newly issued spot-based Bitcoin exchange-traded funds (ETFs) in the United States. These Bitcoin ETFs saw net inflows of $1.1 billion last week alone, bringing total inflows since their January 11th launch to $2.8 billion. 

Read more: CryptoQuant Predicts Bitcoin Could Reach $112,000 As BTC Eyes $50,000

Outside of the US, outflows from other regions have also cooled off. Canada and Germany saw minor outflows of $17 million and $10 million, respectively. Switzerland, on the other hand, experienced $35 million of inflows last week, providing a bright spot amongst global investment products.

Bitcoin dominates 98% of inflows

Nearly 98% of total inflows went to Bitcoin, while price appreciation also boosted sentiment for other major cryptocurrencies like Ethereum and Cardano. Ethereum investment products took in $16 million in fresh inflows, while Cardano captured $6 million.

Read more: California Voters Show Strong Support For Crypto: Coinbase

Other altcoins that saw minor inflows include Avalanche ($500,000), Polygon ($400,000), and Tron ($400,000). On the flip side, investment products for Uniswap and short-Bitcoin saw negligible outflows of $500,000 and $400,000.

While blockchain equities experienced overall outflows, these came from just one issuer to the tune of $67 million. All other issuers in this segment recorded $19 million in inflows.

With AuM recovering to levels not seen since early 2022, risks remain on the horizon, like the potential sale of billions in Genesis holdings that could prompt further volatility.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.