Billion-dollar inflows into crypto assets exceed US$10 billion in 2024

• Bitcoin investments total US$2,9 billion in the week
• Ethereum records highest fundraising in three months
• XRP Funds End Historic Streak With Record Outflows

Cryptocurrency investment products received $3,3 billion in inflows last week, bringing the year-to-date total to $10,5 billion, according to data from CoinShares . The increase represents a jump from the previous peak of $7,5 billion seen earlier in 2021.

The growth is attributed to strong demand for Bitcoin-backed funds, which alone totaled US$2,9 billion in the period. The movement was driven by managers such as BlackRock, Fidelity and Grayscale, as investors seek diversification in the face of economic uncertainty in the United States, especially after the downgrade of the country's credit rating by Moody's.

James Butterfill, head of research at CoinShares, said these significant inflows reflect a “strategic reallocation” of portfolios in the face of challenging macroeconomic factors. Total assets under management (AUM) temporarily hit an all-time high of $187,5 billion, with the total crypto market cap surpassing $3,5 trillion.

Ethereum also stood out, attracting $326 million — its largest fundraising in more than three months — supported by growing positive sentiment after being labeled an “outperformer” asset.

In contrast, XRP-linked funds suffered the largest outflow on record, with a $37,2 million withdrawal. This ended an 80-week streak of consecutive inflows, signaling a possible shift in sentiment among institutional investors.

Geographically, the United States led with US$3,2 billion in inflows. Other markets with significant performance were Germany (US$41,5 million), Hong Kong (US$33,3 million) and Australia (US$10,9 million). Switzerland, meanwhile, saw outflows of US$16,6 million, with local investors opting to take profits.

The movements reinforce Bitcoin's leading role and the growing importance of crypto assets as institutional assets in global portfolios.