US crypto ETFs smash new record amid 4-week inflow streak

3 hours ago

Cryptocurrency concern products continued receiving steadfast inflows past week, attracting $882 cardinal arsenic planetary crypto funds approached all-time precocious plus levels.

Global crypto exchange-traded products (ETPs) recorded $6.3 cardinal of inflows successful the past 4 weeks, accounting for 93% of full inflows year-to-date (YTD), according to information from European crypto concern steadfast CoinShares.

Total YTD inflows present basal astatine $6.7 billion, closing successful connected the grounds $7.3 cardinal posted successful aboriginal February, according to CoinShares’ caput of probe James Butterfill.

Amid beardown capitalist demand, crypto exchange-traded funds (ETFs) successful the United States reached a grounds $62.9 cardinal successful cumulative nett inflows since motorboat successful January 2024, surpassing the erstwhile precocious of $61.6 cardinal acceptable successful February, Butterfill noted successful a May 12 money flows update.

Total AUM nears historical grounds of $173 billion

The continued inflow streak has brought full assets nether absorption (AUM) successful planetary crypto funds to $169 billion, conscionable 2.5% beneath the historic grounds of $173.3 billion seen successful the past week of January, according to CoinShares data.

However, the latest $882 cardinal of inflows were a notable cooldown from $2 cardinal seen successful the archetypal week of May and $3.4 cardinal posted successful the past week of April.

Bitcoin (BTC) dominated with $867 cardinal successful inflows successful the past week, with YTD inflows reaching $6.6 cardinal and AUM rising to $146 billion.

Inflows to Ether (ETH) concern products were little significant, posting $1.5 cardinal inflows, with AUM edging up to $12 billion.

Sui (SUI) was the biggest victor among altcoins, with Sui ETPs seeing $11.7 cardinal of inflows past week.

Solana (SOL) was the lone altcoin to spot outflows past week, totaling $3.4 cardinal and dragging month-to-date outflows to $2.9 million.

BlackRock’s iShares outstrip full inflows

According to CoinShares, crypto money inflows were again highly concentrated successful BlackRock’s iShares products, which saw $1 cardinal of inflows past week.

Year-to-date, BlackRock has attracted $8.1 cardinal successful inflows, importantly exceeding the industry’s full of $6.7 billion.

Grayscale and Bitwise continued to spot outflows, losing $168 cardinal and $27 cardinal respectively during the past week. Fidelity and ARK reversed erstwhile antagonistic trends, reporting inflows of $62 cardinal and $46 million, respectively.

Bullish inclination driven by emergence successful wealth supply, macro factors

The ongoing bullish inclination successful the crypto ETP manufacture came amid a rally successful the cryptocurrency markets, with Bitcoin reclaiming $100,000 for the archetypal clip since January connected May 8.

Amid the increasing capitalist sentiment, the full crypto marketplace capitalization surged to astir $3.5 trillion, down 11% from the historical precocious of $3.9 trillion posted successful mid-December 2024, according to information from CoinGecko.

“We judge the crisp summation successful some prices and inflows is driven by a operation of factors: a planetary emergence successful M2 wealth supply, stagflationary risks successful the US and respective US states approving Bitcoin arsenic a strategical reserve asset,” CoinShares’ Butterfill wrote.

Bitcoin traded astatine $104,407 astatine the clip of publication, somewhat down from a historical precocious supra $106,000 posted connected Dec. 17, 2024.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance acceptable for Bitcoin talk: Hodler’s Digest, May 4 – 10

View source