Crypto asset investment products gathered $1.84 billion in funds last week, marking the second-largest weekly inflow on record.
According to CoinShares data, there was a significant increase in trading volume, reaching a record average of $30 billion throughout last week. The focus of fund inflows continued to be on Bitcoin ETFs, with 94% of the total fund flow directed towards Bitcoin, including an eye-catching $22 million going into funds focused on betting against Bitcoin's price drop.
Funds based on Ethereum attracted $85 million last week, marking the highest inflow since July 2022. Despite this, the assets in Ethereum funds remain low at $14.6 billion compared to the peak of $23.7 billion. However, with the recent price increases, the total assets under management (AuM) for companies focusing on Bitcoin inflows have approached the November 2021 record of $86 billion, now standing at $82.6 billion.
Investment products based on altcoins saw notable movements, with Polygon and Solana recording fund outflows of $7.6 million and $12 million, respectively.
Regionally, the US market remained the dominant area for fund flows, contributing $1.88 billion. Despite the high net inflows, it's worth noting that there were also $1.46 billion in outflows from Grayscale's GBTC product.
In other regions, while Switzerland saw an influx of $20 million, Sweden, Germany, and Canada experienced outflows of $32 million, $35 million, and $23 million, respectively.