Crypto Investments Hit $17.8 Billion Year-to-Date Inflow in 2024
The post Crypto Investments Hit $17.8 Billion Year-to-Date Inflow in 2024 appeared on BitcoinEthereumNews.com.
Crypto investment products witnessed an inflow of $1.44 billion in the previous week. This has raised the year-to-date inflow to a new high of $17.8 billion according to a report by CoinShares. The previous high was noted in the year 2021 during the bull market where the net inflow was at $10.6 billion. This is up from the previous year and it shows that there has been an increase in interest of investors in crypto this year. Butterfill James, the Head of Research at CoinShares, has attributed the rapid increase to sustained buying at lower prices. The most recent rise in inflows reveals that investors are trying to capitalize on the current market conditions. Bitcoin Dominance and Emerging Interest in Ethereum The report also showed that BTC-linked products were the main recipients of the money, with $1.35 billion of net inflows. The US-based spot Bitcoin exchange-traded funds (ETFs) were the most notable, reaching $1.05 billion in the same period. Since the start of the year, these crypto funds have attracted a total of $15.8 billion in net investment. Besides Bitcoin, the products linked with Ethereum also witnessed a similar trend in terms of investor interest. In the past week alone, these funds have attracted $72 million in net investment, the highest in three months. The increased rise can be attributed to the SEC’s expectations of approving several spot Ethereum ETFs. Geographical Distribution of Inflows The geographic distribution of those crypto inflows also displayed a clear regional bias. U.S.-based funds led the charge, as investors allocated $1.3 billion in net inflows. Meanwhile, products from Switzerland, Hong Kong, and Canada also attracted meaningful net inflows, to the tune of $58 million, $55 million, and $24 million, respectively. The global reach of these inflows underscores the widespread interest in cryptocurrency investments across various…
Filed under: News - @ July 16, 2024 12:20 pm