Cryptocurrency inflows from asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares added $176 million last week, reaching $1.76 billion for the 10th consecutive week, according to CoinShares’ latest report.
The run is the largest since the launch of the U.S. futures-based Bitcoin ETF product in October 2021 and represents 4% of the $46.2 billion worth of assets currently under management, said James Butterfill, head of research at CoinShares.
Butterfill added that trading volume also remained high, reaching $2.6 billion last week, accounting for 12% of total Bitcoin trading volume. But while assets under management are up more than 100% this year, they remain 47% below 2021’s all-time high of $86.6 billion.
Regionally, Canada, Germany, and the United States accounted for the largest inflows, adding $79 million, $57 million, and $54 million, respectively. Butterfill noted that despite the global rise in digital asset investment products, Hong Kong was a major outlier, recording outflows of $15 million, and Asia as a whole was one of the only regions to see net outflows to date.
Weekly cryptocurrency asset flows. Image: CoinShares.
Bitcoin dominance and Ethereum turnaround as price reaches 18-month high
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Base funds dominated inflows, adding $133 million. Last week, $312 million came in. However, last week Bitcoin shorts recorded a small inflow of $3.6 million, ending three weeks of outflows.
Ether products recorded an additional $31 million in inflows, bringing the total to $134 million for the fifth consecutive week. “Ethereum net flows are positive at $10 million for the first time in 2023 after a long period of relatively negative sentiment,” Buttefill said.
The move comes at a time when Bitcoin and Ethereum have reached 18-month highs, raising expectations for the potential launch of a spot Bitcoin ETF in the U.S. in the coming months, and ultimately the launch of an Ethereum equivalent. This was achieved thanks to continued optimism about the BlackRock, Fidelity, and Grayscale are among the companies seeking Securities and Exchange Commission approval for both spot Bitcoin and spot ether ETF applications.
Bitcoin is currently trading at $41,836, according to price data from The Block. This is an increase of more than 150% compared to the previous year. The top cryptocurrency by market capitalization briefly surpassed the $42,000 level this morning for the first time since the collapse of the Terra ecosystem in May 2022.
BTC/USD price chart. Image: Block/TradingView.
Ethereum is currently trading at $2,241, lagging Bitcoin throughout 2023 but still up more than 85% since the beginning of the year.
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/USD price chart. video Block/TradingView.
Blockchain stocks also added to their seventh straight week of inflows, adding $17.4 million, the largest amount since July 2022.
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