Cryptocurrency investment funds saw record inflows of $2.45 billion last week, according to a new report from CoinShares. This brings the total inflows so far this year to $5.2 billion. The surge in investments has pushed the total assets under management (AUM) in crypto funds to $67 billion, the highest level since December 2021.
The big boost is attributed to increased institutional investor interest and activity, particularly following the approval of several spot Bitcoin exchange-traded funds (ETFs) in the US by the Securities and Exchange Commission.
Bitcoin dominated the inflows, accounting for 99% of the $2.45 billion total last week. Bitcoin investment products have seen $3.6 billion in inflows just this month. The price of Bitcoin is now over $52,000 and its AUM stands at $49 billion.
Some alternative cryptocurrencies or altcoins also saw notable inflows, though far less than Bitcoin. Ethereum saw $21 million of inflows last week, Solana saw $1.6 million of outflows due to recent network issues, and Avalanche, Chainlink, and Polygon saw minor inflows around $1 million each.
The biggest source of inflows geographically was the US, accounting for 99% of the total at $2.4 billion. This is attributed to the new spot Bitcoin ETFs trading there. Switzerland and Germany also saw minor inflows.
