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Digital asset investment products are experiencing a surge in inflows, reaching a total of $708 million last week with Bitcoin (BTC) frontrunning the trend. This influx of capital brings the year-to-date total to $1.6 billion, contributing to a significant increase in global assets under management, which now stand at $53 billion.
According to a report published by James Butterfill on Medium showing weekly crypto asset fund flows, the US ETFs have now averaged $1.9bn inflows over the last 4 weeks, bringing total inflows since launch to $7.7bn.
Despite a slight dip in trading volumes compared to the previous week, trading activity remains substantially higher than in 2023, with Bitcoin’s trading volumes on trusted exchanges constituting 29% of the total.
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Based on recent ranking, Spot Bitcoin ETFs from BlackRock and Fidelity were ranked in the list of top 10 exchange-traded funds with the most inflow in January. The BlackRock iShares Bitcoin Trust had an estimated $2.6 billion in net flows, placing it at number eight.
United States Leads the Charge
The United States continues to be a focal point in the digital asset investment landscape, witnessing a substantial inflow of $721 million last week. This surge in capital can be attributed to the introduction of newly issued ETFs, which attracted a remarkable $1.7 billion in inflows.
These ETFs have been performing strongly since their launch on January 11th, averaging $1.9 billion in inflows over the past four weeks and accumulating a total of $7.7 billion. Despite this positive momentum, incumbent issuers experienced outflows totaling $6 billion.
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However, recent data suggests a slowdown in the rate of outflows in recent weeks, indicating shifting investor sentiment.
Bitcoin (BTC) Dominates Inflows
Bitcoin remains the dominant force in attracting inflows, capturing $703 million, which accounts for 99% of all flows into digital asset investment products. Conversely, short-bitcoin products experienced minor outflows totaling US$5.3 million, coinciding with a reversal of negative price momentum.
This strong inflow into Bitcoin (BTC) underscores the continued confidence and interest in the leading cryptocurrency among investors.
Solana Shines among Alternative Cryptocurrencies
While Bitcoin continues to attract significant inflows, alternative cryptocurrencies are also making their mark. Solana emerged as a standout performer, attracting $13 million in inflows last week.
This surpasses the inflows seen in Ethereum and Avalanche, which experienced outflows of $6.4 million and $1.3 million, respectively. Solana’s strong performance highlights growing investor interest in alternative cryptocurrencies beyond the traditional market leaders.
