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Digital asset investment products have achieved their tenth consecutive week of inflows, accumulating $1.24 billion last week, as reported by CoinShares.
This ongoing trend has elevated year-to-date (YTD) inflows to $15.1 billion, setting a new record for the year.
The inflows occur amid increased geopolitical tensions, particularly following Israel’s military actions against Iran. This situation has raised concerns about a broader conflict, resulting in a significant selloff across financial markets, including the cryptocurrency sector.
Despite the market fluctuations, institutional interest in digital assets has remained robust.
James Butterfill, Head of Research at CoinShares, observed that inflows were strongest at the beginning of the week but subsequently slowed down. He remarked:
“The spike in activity earlier in the week diminished in the latter half, likely due to the US Juneteenth holiday and emerging reports of US involvement in the Iran conflict.”
Bitcoin leads the market
Bitcoin continued to be the main source of capital, attracting $1.1 billion over the past week. This represents its second week of positive inflows, even as prices faced a correction.
CoinShares pointed out that many investors capitalized on the price dip to bolster their positions, highlighting Bitcoin’s increasing attractiveness as a macroeconomic hedge.
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Notably, US-based spot Bitcoin exchange-traded funds (ETFs) were pivotal in this flow, drawing in $1.02 billion in net inflows. BlackRock’s iShares Bitcoin Trust (IBIT) distinguished itself with $1.23 billion in weekly inflows, raising its total assets under management to over $74 billion.
In contrast, short-Bitcoin products experienced minor outflows of $1.4 million, indicating a decline in bearish sentiment.
Ethereum extends run
Ethereum maintained its strong performance, extending its inflow streak to nine consecutive weeks.
CoinShares reported that the digital asset recorded $124 million in new inflows last week, bringing its total to $2.2 billion since mid-April.
Similar to Bitcoin, spot Ethereum ETFs also contributed significantly to the inflow streak, with the nine products recording inflows on 25 of the last 30 trading days, amounting to nearly $1.5 billion.
Market analysts have associated ETH‘s inflow increase with several key factors, including the recent Pectra upgrade and growing institutional interest in the cryptocurrency.
Other altcoins also demonstrated resilience by attracting modest inflows last week.
Solana received $2.78 million in new capital, while XRP garnered $2.69 million, reflecting a continued but cautious interest in alternative Layer 1s.
The post Bitcoin and Ethereum inflows surge past $1.2B despite rising geopolitical risks appeared first on CryptoSlate.
