Crypto investment products raked in $882 million in net inflows last week, marking the fourth consecutive week of gains, according to CoinShares. Leading asset managers, including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, are now managing $169.3 billion in crypto assets, edging closer to all-time highs.
These latest inflows bring 2024’s year-to-date total to $6.7 billion, rapidly approaching the $7.3 billion peak seen in February. According to CoinShares Head of Research James Butterfill, this surge is being driven by multiple macroeconomic trends. “We believe the sharp increase in both prices and inflows is driven by a combination of factors: a global rise in M2 money supply, stagflationary risks in the U.S., and several U.S. states approving bitcoin as a strategic reserve asset,” he explained.
Bitcoin ETFs Lead As U.S. Dominates the Inflow Landscape
Bitcoin again led the charge with $867 million in inflows into BTC-based products. Notably, U.S. spot Bitcoin ETFs accounted for $920 million of the net inflows, with outflows in other regions slightly dragging down the global figure.
The U.S. alone attracted $840 million in net inflows, setting a new cumulative record of $62.9 billion in U.S.-listed ETFs, eclipsing the $61.6 billion record from February. Meanwhile, Germany and Australia saw net inflows of $44.5 million and $10.2 million, respectively. However, there were notable regional outflows: Sweden (-$12M), Canada (-$8M), and Hong Kong (-$4.3M).
Ethereum Rallies But Lags in Fund Interest
Despite Ethereum (ETH) posting a remarkable 41.1% price increase during the same period, inflows into Ethereum-based investment products were relatively lackluster, totaling just $1.5 million. Much of this weakness came from U.S.-based ETH ETF outflows, suggesting investor hesitation or profit-taking despite ETH’s performance.
Sui Surges Ahead of Solana
The standout performer of the week was Sui-based funds, which saw $11.7 million in inflows, significantly outpacing Solana, which recorded $3.4 million in outflows. This surge has pushed Sui’s year-to-date fund inflows to $84 million, overtaking Solana’s $76 million, a significant shift in investor sentiment toward emerging layer-1 platforms.
With crypto fund inflows accelerating and Bitcoin ETFs reaching record levels, institutional appetite for digital assets appears stronger than ever, especially in the U.S. While Ethereum’s muted fund inflows stand in contrast to its impressive price gains, new contenders like Sui are beginning to claim the spotlight among altcoin investment vehicles.
