Crypto Fund Inflows of $293M Bring Yearly Total Above $1B: CoinShares

A third consecutive week of sizable net inflows into cryptocurrency funds has pushed the yearly total above $1 billion, according to digital asset manager Coinshares.

Digital asset investment products saw net inflows of $293 million last week, bringing year-to-date inflows to a total of $1.14 billion. That makes 2023 as having the third highest yearly inflows on record, said Coinshares. Much of that is thanks to the last three weeks, which have witnessed nearly $900 million in net inflows.

Bitcoin funds accounted for $240 million of the $293 million of net inflows last week.

This comes as the crypto market has been rallying on the back of optimism about possible imminent U.S. regulatory approval of a spot bitcoin ETF. Bitcoin (BTC) has gained about 37% since the start of October, bringing its year-to-date advance to roughly 122%

Bitcoin exchange-traded product (ETP) volumes made up 19.5% of total bitcoin trading volumes on exchanges, noted Coinshares. “This has rarely happened and suggests ETP investors are participating much more in this rally compared to 2020/21," the firm added.

Ether (ETH) funds saw $49 million of net inflows last week – their largest such total since August 2022 – with the catalyst for this likely being last week's spot ether ETF application from BlackRock.