Recent data from CoinShares shows weekly inflows to digital asset investment products have spiked to a record high of approximately US$1.5 billion following the inception of the two Bitcoin futures exchange-traded funds (ETF) in the US.
Bitcoin ETFs Brought in $1.24 Billion
Last week, the US Securities and Exchange Commission (SEC) allowed the launch of the first-ever Bitcoin-related ETF product by ProShares, which gained about US$1 billion in volume on the first day of trading. Valkyrie launched the second Bitcoin ETF soon after, adding to the euphoria and inflows to the Bitcoin market.
Per CoinShares, these Bitcoin ETFs accounted for the majority of inflows in the digital asset fund market last week – about US$1.24 billion. For the record, this represents a 93.75 percent increase from the previous weekly inflow high of US$640 million in February.
Notionally, this proves that crypto experts are on the money with their speculations that a Bitcoin ETF in the US would unleash more capital into the market.
Total Crypto AUM Spike to $79.2 Billion
So far in 2021, the total inflows in the digital assets fund market have risen to US$8 billion, about US$1.3 billion higher than the record level last year. CoinShares also noted that total assets under management (AUM) rose to US$79.2 billion following increases in underlying crypto assets, especially bitcoin.
About 99 percent of all the inflows last week were generated by Bitcoin amid the ETFs, whereas the all-time high in price further raised its dominance in the market.
Solana saw the largest inflow of US$8.1 million in the altcoin category, followed by Cardano (US$5.3 million) and Binance Coin (US$1.8 million). There were also more outflows in Ether (ETH) last week.
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