Weekly crypto inflow hits record high of $3.85 billion as Bitcoin, Ethereum, and XRP shine
Crypto investment products achieved a historic milestone last week, recording a staggering $3.85 billion in weekly inflows, according to CoinShares latest report on digital asset flows.
These inflows pushed year-to-date (YTD) totals to $41 billion, with assets under management (AuM) climbing to $165 billion. The figures have outpaced the previous record set in 2021, which saw $10.6 billion in total inflows and $83 billion in AuM.
Bitcoin leads
Bitcoin emerged as the dominant force behind last weeks inflows, contributing $2.5 billion to the total and bringing its YTD inflows to $36.5 billion.
US-based Bitcoin ETFs contributed significantly to these numbers, with BlackRocks IBIT recording inflows of more than $3 billion and Fidelitys FBTC seeing inflows of $262 million.
Notably, the inflow of these products has now pushed their collective BTC holdings above those of Satoshi Nakamoto, the pseudonymous creator of the flagship digital asset.
Interestingly, short Bitcoin products also witnessed inflows of $6.2 million. CoinShares head of research James Butterfill linked this inflow to the current bullish momentum in the market that helped push BTCs price 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 markets bullish momentum. Historically, inflows into short products tend to spike following significant price increases.
Ethereum and XRP gain traction
During the reporting period, Ethereum attracted $1.2 billion in inflows, marking its highest weekly total since the launch of Ethereum-based ETFs.
Market observers noted the growing demand for Ethereum products has resulted in a two-week inflow streak totaling over $1.3 billion. This surge aligns with heightened interest in Ethereums utility and expanding institutional adoption.
XRP maintained its upward momentum, drawing over $134 million in inflows. Market optimism surrounding a potential XRP ETF launch in the US has bolstered its appeal among investors.
Additionally, XRP recently achieved a seven-year price high, surpassing $2 and driving its market capitalization to a record $150 billion. However, the asset has since experienced a slight pullback of 5% during the last 24 hours to $2.43 as of press time, according to CryptoSlates data.
The post Weekly crypto inflow hits record high of $3.85 billion as Bitcoin, Ethereum, and XRP shine appeared first on CryptoSlate.
Text source: CryptoSlate
