Bitcoin experienced its fifth-largest week of inflows on record, while Ethereum saw the second-highest inflows in anticipation of the upcoming US Ether ETFs.
Digital asset investment firm CoinShares reported that investors put $1.44 billion into crypto last week. Out of this, $1.35 billion went into Bitcoin (BTC) ETFs in the US and other regions. This was Bitcoin’s fifth-largest weekly inflow, bringing total crypto product inflows for 2024 to $17.8 billion.
Most of these inflows came from US-based buyers, with Switzerland also buying record amounts of digital assets. CoinShares said, “The US led with $1.3 billion for the week, and positive sentiment was seen across other countries, most notably Switzerland (a record this year for inflows), Hong Kong, and Canada with $58 million, $55 million, and $24 million, respectively.”
Meanwhile, short-term Bitcoin investment products saw their largest weekly outflows since April 2024, totaling over $8.6 million. CoinShares linked last week’s Bitcoin dip-buying to a price drop, partly because of the German government selling BTC.
Ethereum (ETH) also drew significant investor interest, attracting $72 million last week, its highest since March. Ethereum had the second-largest inflows after Bitcoin, with this year’s inflows surpassing 2021’s $10.6 billion and setting new records for digital asset investments.
The rise in inflows likely came in anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, which could start trading within the next few weeks. Several issuers, including VanEck and 21Shares, filed amended registrations this week, hoping to get the SEC’s final approval to list spot Ether ETFs. Eight spot issuers are currently awaiting regulatory approval in the US.
Crypto Market Rises Again
Crypto prices last week encouraged investors to buy digital asset products, leading to a market revival noted on Monday. The total crypto market rose 3.9%, recovering to $2.4 trillion. Bitcoin’s 5.2% surge in 24 hours allowed it to reclaim $62,500, narrowing the gap from its March peak to 15%.
QCP Capital researchers attributed the market uptick to the failed assassination attempt on Donald Trump and growing confidence in his chances over Joe Biden. They also noted that the German government had depleted their BTC supply, and large hedge funds were buying calls last week. QCP stated, “Trump’s situation was the perfect trigger for a market ready to go long.”
