Crypto investment products are on a roll. They have received $3.2B in only one week, marking the tenth straight week of strong inflows. This spike has increased the 2024 total to an astounding $44.5B, quadrupling the previous year's record.
The United States leads the charge, with $3.1B in inflows. Switzerland, Germany, and Brazil follow suit. Bitcoin products remain the most popular, bringing in $2B. Ethereum's momentum continues, collecting $1B in new investment. Other altcoins are gaining traction. XRP had $145B in inflows, while Polkadot and Litecoin experienced increases. This new inflow shows there's an increasing interest in various digital assets.
However, not every product is thriving. Since its debut in January, the Grayscale Bitcoin Trust (GBTC) has witnessed massive outflows totaling $21.04B. It is the only US spot Bitcoin ETF with a negative net investment flow.
In contrast, some Bitcoin ETFs are performing well. Nine newly approved funds have received $20.73B in inflows. BlackRock's iShares Bitcoin Trust has received the most inflows, totaling $35.88B. Despite GBTC's problems, the market for spot Bitcoin ETFs remains strong. Total investments have topped $35.5B in less than a year, indicating a high investor desire for cryptocurrency-based products.
