Crypto ETFs See $409 Million Inflows Last Week

US crypto ETFs are experiencing significant developments this week, according to new data released today by market analyst Phoenix Group.

Bitcoin and Ethereum ETFs have witnessed substantial increases in inflows, with total inflows of $409 million recorded last week. These additions make the cumulative AUM (assets under management) for these crypto funds currently stand at $148.82 billion.

BlackRock’s iShares Bitcoin ETF (IBIT) remains the leader in the market. The Bitcoin fund experienced the largest inflow activity, with a $3.5 billion trading volume registered over the week. It currently has assets under management worth $75.9 billion.

BlackRock’s iShares Ethereum ETF (ETHA) clinched the second position as it pulled in the second-largest inflow over the past seven days. The fund is the only Ethereum ETF on the list. It attracted $912 million in trading volume and currently holds $4.7 billion under its AUM, showing surging investor appetite for Ethereum.

Fidelity Bitcoin Fund (FBTC) ranks third, attracting $303.9 million in trading volume and managing an AUM of $21.3 billion. ProShares Bitcoin ETF (BITO) comes in fourth with a trading volume of $219 million, holding $2.7 billion in assets under management. Grayscale Bitcoin Trust (GBTC) rounds out the top five, experiencing a trading volume of $201.6 million and managing $20 billion in AUM.

The significant net inflows observed over the past eight weeks indicate a robust institutional interest in these assets. Investors are increasingly viewing Bitcoin and Ethereum as long-term investments with substantial profit potential. This optimism is fueled by advancements in decentralized finance (DeFi) and the underlying developments within blockchain technology, positioning BTC and ETH as top networks for investment.

The sustained influx into these crypto funds highlights a broader trend of institutional investors, or "whales," diversifying their portfolios and positioning themselves for future gains. This trend suggests that these digital assets are being recognized as viable and profitable investment options, driving the overall growth and acceptance of cryptocurrencies in the financial market.