Bitcoin and Ether have been vital players in the increase of crypto inflows, hitting a new record of $17.8 billion year-to-date (YTD). Their robust performance suggests the beginning of a potential crypto market rebound. The most recent data shows digital asset investments collectively reached an all-time weekly high of $1.44 billion.
Data further reveals that the YTD inflows for 2024 have now touched a hefty $17.8 billion, eclipsing the former record of $10.6 billion set in 2021. The majority of these inflows stem from US buyers. However, digital asset purchases in Switzerland have also hit a yearly record. Other locations showing positive sentiment towards crypto investments include Hong Kong and Canada.
Significantly, Bitcoin marked its fifth largest week of inflows ever, pulling in over $1.35 billion. This helped restore the prominent cryptocurrency to over the critical figure of $60,000. However, investment products related to short Bitcoin saw their highest weekly outflows since April 2024, amounting to over $8.6 million. The dip in Bitcoin purchases last week is thought to be a response to price decline, partly precipitated by the German government selling BTC.
Ether, on the other hand, attracted the second largest inflows after Bitcoin, totaling over $72.1 million in the past week. This influx is likely driven by the anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, expected to launch in the next few weeks.
According to reliable industry sources, several spot Ether ETF issuers, including VanEck and 21Shares, are set to receive the final comments from the Securities and Exchange Commission (SEC) this week. These issuers recently filed amended registrations in a bid to obtain the SEC’s final approval for listing spot Ether ETFs. Currently, eight such issuers are waiting for regulatory approval in the US.