Originally published on: November 11, 2024
Last week, cryptocurrency investors showed remarkable interest in digital investment products, riding the wave of post-election market momentum.
According to a report by CoinShares on Nov. 11, crypto investment products witnessed a staggering $1.98 billion in inflows from Nov. 3–9, skyrocketing global assets under management to an all-time high of $116 billion.
This surge marks the fifth consecutive week of inflows, tallying up to $7.7 billion, which accounts for 24% of the total $31.3 billion recorded in 2024 so far.
CoinShares’ reports indicate that the exchange-traded funds (ETF) trading of spot Bitcoin (BTC) in the United States dominated the inflows in crypto products last week, with Bitcoin alone receiving $1.8 billion in inflows. This brings BTC products to a total of $9 billion in inflows since the US Federal Reserve made its first interest rate cut in four years back in September.
CoinShares research director, James Butterfill, attributes this surge in investor sentiment to a favorable macro environment and significant changes in the US political system.
Primarily driven by the US, with inflows totaling $1.95 billion, Europe saw minor contributions from Switzerland and Germany, providing $23 million and $20 million, respectively. On the flip side, Swedish investors continued to divest, with weekly outflows reaching $25.7 million.
Spot Ether (ETH) ETFs witnessed their most significant week of inflows in November, raking in $157 million, marking a significant improvement in sentiment compared to previous weeks.
Additionally, a variety of altcoins also saw positive inflows, with Solana (SOL) products receiving $3.9 million, and Uniswap (UNI) and Tron (TRX) seeing $1 million and $0.5 million inflows, respectively.
Despite the strong inflows, investors were selling short-Bitcoin products, seeing outflows of $2.7 million.
Significantly, last week’s substantial influx of crypto investments propelled the Bitcoin price to a new all-time high above $80,000 on Nov. 10. The upward trend continued, with the BTC price surpassing $82,379 on Nov. 11, according to data from CoinGecko.
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