- AUM for crypto investment products reached $59 billion, a 2-year high, mostly driven by inflows into new US spot Bitcoin ETFs
- US dominated inflows at $1.1 billion this past week, boosting YTD inflows to $2.7 billion; Switzerland also saw substantial inflows
- Bitcoin accounted for 98% of inflows exceeding $1 billion; Ethereum and Cardano also saw positive sentiment with notable inflows
The assets under management (AUM) for crypto-related investment products have reached a two-year high of $59 billion, according to CoinShares’ latest weekly report. This surge is primarily driven by large inflows into the newly launched spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.
US Dominates Inflows
During the past week, digital asset investment products witnessed significant inflows totaling $1.1 billion, mostly from the US. This flow boosted the year-to-date inflows to $2.7 billion, with global AUM reaching $59 billion.
Although outflows from Grayscale Bitcoin Trust (GBTC) have diminished, CoinShares warned about potential selling pressure from bankrupt Genesis’ plan to divest its GBTC shares. CryptoSlate reported that Genesis recently sought court approval to divest $1.6 billion of its shares held in several Grayscale products, including GBTC.
“The outflows from incumbents have slowed significantly, but the potential sale of the Genesis holdings of US$1.6 billion could prompt further outflows in the coming months,” said CoinShares Head of Research James Butterfill.
Switzerland also saw substantial inflows outside the US, amounting to nearly $40 million. Conversely, Canada, Germany, and Sweden observed minor outflows of $17 million, $10 million, and $6 million, respectively.
Bitcoin Dominates Inflows
Across digital assets, Bitcoin remains dominant, accounting for 98% of last week’s inflows, with inflows exceeding $1 billion.
Ethereum and Cardano also saw positive sentiment, with inflows of $16 million and $6 million, respectively. Other assets like Avalanche, Polygon, and Tron recorded inflows of $500,000, $400,000, and $400,000, respectively.
Meanwhile, high-flying Solana recorded a modest inflow of $100,000.
The improving market condition also resulted in outflows of $400,000 from Short BTC products. Last week, BTC’s price climbed to its highest since the SEC approved several ETFs for public trading. Uniswap investment products saw outflows of $500,000.
Notably, the bulk of outflows from blockchain equities came from one issuer, totaling $67 million. Other issuers collectively saw inflows of $19 million.
