Key Points
- Spot Bitcoin ETFs recorded a historic $3.13 billion weekly inflow, indicating increasing investor confidence.
- Altcoins like Solana, XRP, and Litecoin also saw significant institutional inflows.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed a record-breaking weekly inflow of $3.13 billion, marking a significant milestone in the cryptocurrency market.
Record-Breaking Crypto Inflows
This surge was largely a result of increased interest in these ETFs, highlighting the evolving dynamics of the market. According to data from CoinShares, this development underscores the growing investor confidence and the transformative influence of political and economic shifts on the cryptocurrency space.
CoinShares reported that digital asset investment products saw the largest weekly inflows on record, totaling $3.13 billion, bringing the total year-to-date inflows to a record $37 billion.
BlackRock’s IBIT Dominates
In the midst of this rise, BlackRock’s IBIT dominated the market with $48.95 billion in net assets as of November 22, with cumulative inflows reaching $31.33 billion. In comparison, Grayscale’s GBTC accounted for $21.61 billion in net assets but has experienced outflows exceeding $20 billion since its inception.
Furthermore, a significant portion of the inflows, approximately $2.05 billion, came from IBIT. These Bitcoin funds contributed $3 billion to the weekly total, in stark contrast to the modest $309 million first-year inflows for U.S. gold ETFs.
Altcoins Gain Traction
While Bitcoin dominated the inflow charts, altcoins also demonstrated their growing appeal among institutional investors. Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Chainlink (LINK) recorded notable inflows, reflecting increasing confidence in the altcoin sector.
These figures were driven by strong price momentum and the expanding adoption of these digital assets across various use cases. However, it is important to note that other factors may have also influenced these trends.
