Inflows into crypto investment products hit 9-week high of $346M

Inflows into crypto investment products hit 9-week high of $346M

By Benson Toti - min read
  • Crypto investment products hit 9-week high of inflows.
  • Total inflows for week up to November 24 was $346 million, with $312 million in Bitcoin-related ETP products.
  • Ethereum saw $34 million of inflows amid a turnaround in sentiment.

Crypto investment products recorded $346 million in inflows for the week ending November 24, according to a weekly report by digital assets management firm CoinShares.

The report highlights last week’s inflows into crypto exchange-traded products as the “highest total observed in the past 9 weeks of inflows,” CoinShares head of research James Butterfill noted

According to the analysis, crypto products are on a run of inflows that’s now the biggest since the last bull market. Positive net inflows are likely to continue given the sentiment around the potential approval of a spot-based ETF in the US.

Bitcoin ETPs record $312 million in inflows

As total crypto ETPs inflows hit $346 million, the largest chunk of that went into Bitcoin (BTC) products, with a total of $312 million in weekly inflows. The figure pushed the inflows count for the flagship cryptocurrency $1.5 billion year-to-date. Meanwhile, short bitcoin products saw outflows of $0.9 million.

Elsewhere, altcoins continued to experience a resurgence in inflows. Ethereum (ETH) registered a total of $34 million in inflows for the week, while Solana (SOL), Polkadot (DOT) and Chainlink (LINK) saw $3.5 million, $0.8 million and $0.6 million respectively.

Ethereum is on a 4-week run totalling $103 million, CoinShares noted, a scenario that sees the world’s second largest cryptocurrency by market cap nearly flip the run of outflows see in 2023. The CoinShares team attributes this to a “decisive turn-around in sentiment”, probably informed by recent events including the filing of a spot Ethereum ETF by BlackRock.

Last week’s inflows have pushed total assets under management in crypto funds to $45.4 billion. It’s the the highest level since May last year. 

Total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.