Originally published on: December 16, 2024
The cryptocurrency market shows no signs of slowing down as Bitcoin reaches new highs and crypto investment products experience their 10th straight week of inflows.
According to the latest weekly flows report from crypto investment firm CoinShares, digital asset investment products welcomed over $3.2 billion in inflows during the trading week of Dec. 9–13. This impressive figure follows a record-breaking $3.85 billion in inflows from the previous week, bringing the total inflows for 2024 to a staggering $44.5 billion.
This milestone marks a trend of consistent weekly inflows since early October, with the past 10 weeks alone accounting for $20.3 billion, representing 45% of all inflows in 2024.
In the most recent week, Bitcoin investment products witnessed $2 billion in inflows, bringing the total inflows since the U.S. presidential election to $11.5 billion. Additionally, short Bitcoin products attracted $14.6 million in inflows, although total assets under management for short BTC exchange-traded products (ETPs) remained relatively low at $130 million.
BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF) led the way in BTC inflows with $2 billion, while Grayscale’s Bitcoin Trust experienced outflows of $145 million.
In the same period, Ethereum ETPs saw a boost with $1 billion in inflows, showcasing the growing popularity of Ether-based investments. This marked the seventh consecutive week of inflows for Ethereum ETPs, bringing the total to $3.7 billion over the period.
Regional trends also reflected a positive sentiment, with all regions except Sweden experiencing inflows. The United States stood out as the top contributor with $3.1 billion in inflows, followed by Switzerland and Germany with $35.6 million and $33 million in inflows, respectively. Sweden was the only country to see crypto ETP outflows, totaling $19 million.
Crypto enthusiasts continue to show confidence in digital assets, driving significant inflows into investment products. With Bitcoin and Ethereum leading the charge, the market remains dynamic and full of potential for investors seeking to capitalize on the crypto boom.