Digital asset investment products have witnessed an unprecedented influx, with year-to-date (YTD) figures surpassing a staggering $17.8 billion, indicating a promising resurgence in the cryptocurrency market.

This milestone was achieved following a substantial inflow of $1.44 billion into cryptocurrency investment products last week.

As reported by CoinShares, the 2024 YTD inflows have eclipsed the previous record of $10.6 billion set in 2021, showcasing a significant growth trajectory.

The report attributes the bulk of these inflows to investors based in the United States, with Switzerland also recording unprecedented levels of digital asset acquisitions. CoinShares elaborated:

“Regionally, the US dominated with $1.3 billion for the week, although positive sentiment permeated across other regions, most notably Switzerland (a record this year for inflows), Hong Kong, and Canada with $58 million, $55 million, and $24 million respectively.”

Bitcoin’s Remarkable Influx Week

Bitcoin (BTC) experienced its fifth-largest weekly inflow on record, amassing over $1.35 billion. This substantial influx facilitated Bitcoin’s resurgence above the crucial $60,000 threshold.

Conversely, investment products associated with shorting Bitcoin witnessed their largest weekly outflows since April 2024, totaling over $8.6 million.

Last week’s surge in Bitcoin acquisitions was likely spurred by a dip in prices, partly due to the German government’s BTC sales. CoinShares commented:

“We surmise that the price downturn due to the German government’s Bitcoin liquidations, coupled with a shift in sentiment driven by lower-than-expected CPI in the US, motivated investors to augment their positions.”

Ethereum’s Anticipated ETF Launch Spurs Inflows

Ether (ETH) recorded the second-largest inflows following Bitcoin, totaling over $72.1 million for the past week.

These inflows were likely driven by the anticipated launch of the first spot Ethereum exchange-traded fund (ETF) in the US, which could commence trading within the next few weeks.

According to an industry source, US spot Ether ETF issuers are awaiting final feedback from the Securities and Exchange Commission (SEC) by early this week.

Several issuers, including VanEck and 21Shares, have filed amended registrations in hopes of securing the SEC’s final approval to commence listing spot Ether ETFs. Eight spot issuers are currently awaiting regulatory clearance in the US.