Crypto investment products saw a 9-week high of inflows last week, according to a report by digital assets management firm CoinShares. A total of $346 million was registered for the week ending November 24, with $312 million going to Bitcoin-related exchange-traded products (ETPs).
The inflows into crypto ETPs are the highest seen since the last bull market, and CoinShares head of research James Butterfill noted that the trend is likely to continue due to the sentiment around a potential spot-based ETF approval in the US.
Ethereum (ETH) saw $34 million of inflows, marking a turnaround in sentiment, likely due to the filing of a spot Ethereum ETF by BlackRock. Altcoins also registered inflows, with Solana (SOL), Polkadot (DOT) and Chainlink (LINK) seeing $3.5 million, $0.8 million and $0.6 million respectively.
As a result of the inflows, total assets under management in crypto funds climbed to $45.4 billion, the highest level since May last year. Moreover, total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.
