According to CoinShares, cryptocurrency funds managed by institutions such as BlackRock, Fidelity, ProShares, and 21Shares have exceeded the total inflows recorded in 2021. In just three months of trading this year [2024], these funds have amassed over $12 billion in inflows worldwide.
The inflows of $1.76 billion into global crypto exchange-traded funds and exchange-traded products this week have shattered records, largely driven by significant inflows from the new spot Bitcoin ETFs in the United States whose demand has been exceeding BTC production.
Digital Assets ETFs/ETPs have smashed the 2021 record, with inflows following the last few days now sitting at US$12bn ytd compared to US$10.6bn for the whole of 2021. pic.twitter.com/QjPvtRCzGH
— James Butterfill (@jbutterfill) March 13, 2024
Global crypto investment products experienced record inflows last week, attracting nearly $2.7 billion. This brought the total inflows for 2024 to $10.3 billion before the start of this week.
Last week, crypto funds achieved a new record trading volume of $43 billion, which was almost 50% higher than the previous peak of $30 billion set just the week before. Coupled with recent price increases in the crypto market, the total assets under management at these funds have also surged to record highs, approaching $100 billion.
Thus far, crypto investment products operating on exchanges in the United States have unsurprisingly dominated this week, accounting for 100% of the inflows, as fund flows in other countries balanced each other out.
This week alone, U.S. spot bitcoin ETFs have attracted over 88% or $1.55 billion of the total inflows. A record daily net inflow of $1 billion was observed on Tuesday, March 12 2024, primarily driven by BlackRock’s IBIT ETF. This product itself achieved a daily inflow record of $849 million on that day, leading its assets under management to surpass $15 billion for the first time.
The activity is reflected in the price of the world’s largest cryptocurrency, which continues to find new ATH since reaching $70,000 for the first time in history on March 12 2024. The cryptocurrency is currently trading at $72,811 according to CoinGecko, while it is up by more than 45% in the last 30 days.
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