Crypto investment products have seen unprecedented growth in 2024, with net inflows reaching $3.2 billion last week alone, according to CoinShares.
Crypto investment products have seen unprecedented growth in 2024, with net inflows reaching $3.2 billion last week alone, according to CoinShares.
This surge has propelled year-to-date inflows to a record $44.5 billion, quadrupling any previous year's figures, as highlighted by CoinShares Head of Research, James Butterfill.
The recent inflows are largely attributed to U.S. spot Bitcoin exchange-traded funds (ETFs), which added $2.17 billion in net inflows during the past week. This marks a significant continuation of a positive trend, with Bitcoin ETFs experiencing inflows exceeding $2 billion in seven of the last nine weeks.
Since their launch in January, these funds have generated a cumulative net inflow of $35.8 billion.
In addition to Bitcoin, Ethereum-based funds have also performed well, recording their seventh consecutive week of net inflows, with $1 billion added last week. The U.S. spot Ethereum ETFs contributed $854.8 million to this total, maintaining a strong inflow trend that has seen them accrue $2.25 billion over 15 trading days.
Global sentiment appears favorable for various cryptocurrencies. Funds in Sweden experienced slight net outflows of $19 million, while those in Switzerland, Germany, and Brazil reported positive inflows of $35.6 million, $32.9 million, and $24.7 million, respectively.
Bitcoin's price reached an all-time high of over $106,600 recently, currently trading around $104,514, reflecting a 150% increase year-to-date.
Bitcoin mining difficulty also set a new record, rising to 109 trillion, indicating robust activity within the network.
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