Crypto investment products have recorded a staggering $3.85 billion in weekly inflows, surpassing the prior record set just a few weeks ago as investor confidence surges and institutional interest increases.
According to an official report, the latest development has pushed total inflows year-to-date (YTD) to $41 billion and total assets under management (AuM) to a new high of $165 billion – prior cycle highs in 2021 saw inflows of $10.6 billion and an AuM high of $83 billion.
Bitcoin Leads the Table
Bitcoin recorded inflows of $2.5 billion this week, pushing year-to-date inflows to $36.5 billion. In contrast, short Bitcoin products attracted a modest $6.2 million, significantly below historical levels typically observed following sharp price surges. This suggests that investors exercise caution when considering bearish positions amid the robust market momentum.
Following Bitcoin’s inflow, Ethereum experienced its most significant weekly inflows, totaling $1.2 billion, surpassing the levels seen during ETF launches in July. Meanwhile, Solana saw $14 million in outflows, marking the second straight week of declining investor interest.
Solana (SOL) has been a top performer this year, surging over 199% to a peak of $263 before consolidating near the $230 resistance level with a market cap of $110 billion. However, the asset was trading above $223, representing a 5.16% decrease in the past 24 hours, ranking as the fifth largest crypto asset.
While Solana recorded approximately $14 million in outflows amid the market pullback, blockchain equities also attracted $124 million in inflows, the highest since January, fueled by increasing investor optimism regarding improving profit margins for Bitcoin mining companies.
Meanwhile, several countries reported notable regional inflows, led by the United States, of $3.6 billion. Switzerland followed with $160 million, while Germany, Canada, and Australia recorded $116 million, $14 million, and $10 million, respectively.
Will ETH Price Surge?
With the 2024 crypto bull market continuing, bitcoin (BTC) and other altcoins have experienced significant price surges. However, Ethereum (ETH), the second-largest cryptocurrency by market cap, has shown minimal growth compared to its historical performance in previous cycles.
Despite its minimal and slow growth, investors still acquire the crypto asset, showing their confidence. Recently, the layer-1 blockchain saw a surge in total value locked (TVL) by $7.79 billion in the past week, significantly higher than some top blockchain networks. However, the increase in TVL has failed to affect ETH price movement, which is currently down 3.15% in the last 24 hours, struggling below the $4,000 price mark.
While Solana recorded approximately $14 million in outflows amid the market pullback, blockchain equities also attracted $124 million in inflows, the highest since January, fueled by increasing investor optimism regarding improving profit margins for Bitcoin mining companies.
Meanwhile, several countries reported notable regional inflows, led by the United States, of $3.6 billion. Switzerland followed with $160 million, while Germany, Canada, and Australia recorded $116 million, $14 million, and $10 million, respectively.
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