Cryptocurrency-linked investment products recorded the second-largest inflows of 2024 last week, reaching $708 million, almost 99% of which came from Bitcoin.
US markets recorded $721 million in inflows, with new ETFs alone raising $1.7 billion. Spot Bitcoin ETFs have consistently attracted an average of $1.9 billion in capital over the past month, totaling $7.7 billion since approval, according to CoinShares research.
The Bitcoin ETF has maintained an average of $1.9 billion in inflows over the past four weeks, reaching a cumulative $7.7 billion since it was first introduced in the second week of January. Despite the surge, $6 billion was withdrawn from existing funds, including Grayscale and ProShares.
However, recent data shows that these outflows have slowed noticeably.
Bitcoin dominated the inflow chart with $703 million, accounting for 99% of total investment flows. Meanwhile, products betting on Bitcoin experienced a small withdrawal of $5.3 million in line with the positive change in price trends.
Among other cryptocurrencies, Solana recorded inflows of $13 million, outperforming Ethereum and Avalanche, which experienced withdrawals of $6.4 million and $1.3 million during the same period.