Digit asset investment products continue to see substantial inflows, with the week ending July 14 seeing another US$137mln (£105mln) into products managed by CoinShares, 21Shares, ProShares and other major cryptocurrency fund providers.
Inflows into these crypto funds over the past four week has hit US$742mln, marking the largest run of inflows since late-2021, according to CoinShares’ statistics.
Crypto funds see four straight weeks of strong inflows – Source: CoinShares
Bitcoin products comprise the vast majority of these inflows at 99% of the entire market.
In comparison, Ethereum (the world’s second-largest cryptocurrency) products say US$31.1mln in inflows, less than 2% of bitcoin volumes.
Year to date, Ethereum has the largest volume of net outflows of any cryptocurrency investment product, totalling -US$74mln.
Bitcoin, on the other hand, has seen year-to-date net inflow of US$571mln, while Solana (SOL) and seen US$14mln and Ripple (XRP), Cardano (ADA) and Polygon (MATIC) have seen single-digit inflows.
The surge in bitcoin digital asset inflows comes off the back on bullish bitcoin spot prices over the past month.
BlackRock, the world’s largest asset manager, officially filed for a spot bitcoin exchange-traded fund with the US regulators, sending sentiment over the benchmark cryptocurrency soaring.
Though BlackRock’s application was initially rejected by the US Securities and Exchange Commission, hopes are still high the negotiations will lead to BlackRock securing an approval.