Global crypto funds run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered a 10th consecutive week of net inflows, adding $3.2 billion, according to CoinShares.

The positive flows also bring the year-to-date figure to a new record of $44.5 billion — more than quadruple that of any other year — CoinShares Head of Research James Butterfill noted in a Monday report.

“Trading volumes in ETPs have averaged $21 billion a week, comprising 30% of the bitcoin traded on trusted exchanges,” Butterfill added. “Bitcoin volumes on trusted exchanges (all investment types) are highly liquid, having averaged $8.3 billion a day this year, double that of the FTSE 100.”

Weekly crypto asset flows. Images: CoinShares.

The 12 U.S. spot Bitcoin exchange-traded funds added $2.17 billion in net inflows alone last week, according to data compiled by The Block. The funds’ positive streak now extends to 12 trading days, totaling $5.3 billion — 15 % of the $35.8 billion worth of cumulative net inflows they have generated since their January launch.

“Bitcoin ETF demand has been relentless with over $2 billion of inflows clocked last week,” analysts at research and brokerage firm Bernstein wrote in a Monday note to clients. “Seven out of the last nine weeks, Bitcoin ETF inflows have exceeded $2 billion.”

U.S.-based funds also dominated overall, with $3.14 billion worth of net inflows offset slightly by net outflows of $19 million from crypto investment products in Sweden. Funds in Switzerland, Germany and Brazil also saw notable weekly net inflows of $35.6 million, $32.9 million and $24.7 million, respectively — highlighting broad positive sentiment, according to Butterfill.

Globally, bitcoin-based funds registered net inflows of $2 billion, bringing the total since pro-crypto Donald Trump’s election win to $11.5 billion, Butterfill noted. However, higher prices also prompted a further $14.6 million worth of inflows into short-bitcoin products.

Meanwhile, Ethereum-based funds witnessed their seventh consecutive week of net inflows, adding another $1 billion to a total of $3.7 billion for the period amid a “dramatic improvement in sentiment,” Butterfill said.

The U.S. spot Ethereum ETFs contributed $854.8 million to this amount last week, extending their own positive streak to 15 trading days totaling $2.25 billion, according to data compiled by The Block.

“Ethereum ETF inflows have exceeded $800 million/week since the last two weeks, reflecting an accelerating trend,” the Bernstein analysts led by Gautam Chhugani said.

XRP investment products also saw net inflows of $145 million last week as hopes rise for an ETF in the U.S. Polkadot and Litecoin-based funds generated inflows of $3.7 million and $2.2 million, respectively.

Bitcoin’s price registered a new all-time high above $106,600 late Sunday before correcting. The foremost cryptocurrency is currently trading for $104,514, according to The Block’s Bitcoin Price Page, having gained 54% in less than six weeks since the U.S. elections and around 150% year-to-date.

Bitcoin mining difficulty also reached a new all-time high of 109 trillion early Monday, jumping 4.4% amid record average hash rate levels for the network, according to blockchain explorer Mempool.

“With BTC consolidating above $100,000, ETHs growing momentum and huge ETF inflows could signal the onset of a broader altcoin Santa rally,” Coinstash co-founder Mena Theodorou said. “Combined with the pro-crypto Trump administration, easing inflation, and a likely Fed rate cut, the conditions to support potential crypto market growth couldn't be more favourable.”

Meanwhile, the GMCI 30 index, which represents a selection of the top 30 cryptocurrencies, is trading flat over the past week, having gained 113% in 2024.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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