The enthusiasm among cryptocurrency investors remains robust as Bitcoin reaches new milestones, while digital asset investment products experience inflows for the tenth consecutive week. In the trading week ending December 13, over $3.2 billion flowed into these products, reinforcing a trend observed since early October. This latest influx follows a record-breaking $3.85 billion from the previous week, lifting the total for 2024 to an impressive $44.5 billion.
The sustained interest in cryptocurrencies is highlighted by the fact that the last ten weeks alone have contributed $20.3 billion, which represents a significant 45% of all inflows for the year. Bitcoin stands out as the primary driver of this trend, attracting an impressive $2 billion in inflows during the past week alone. Since the recent U.S. presidential election, Bitcoin investment products have amassed a total of $11.5 billion in inflows. Conversely, short Bitcoin products have also seen some movement, with a modest $14.6 million in inflows reported.
The iShares Bitcoin Trust by BlackRock was the main contributor to Bitcoin ’s inflow surge, marking $2 billion, while Grayscale’s Bitcoin Trust experienced a $145 million outflow. Alongside Bitcoin ’s growth, Ether, the second largest cryptocurrency, achieved significant inflows as well. During the same week, Ethereum exchange-traded products recorded $1 billion in new investments. This marks a remarkable seven consecutive weeks of inflows for Ether-based products, accumulating a total of $3.7 billion over this period.
Broadly, the sentiment across different regions has remained positive. The United States has emerged as the largest contributor to these inflows, generating $3.1 billion, while Switzerland and Germany added $35.6 million and $33 million, respectively. Notably, Sweden was the only country to report outflows, with a total of $19 million leaving its crypto ETP market. Overall, the persistent growth in cryptocurrency investments reflects a strong and continual interest from investors.
