Cryptocurrency Investment Products See Record $33.5 Billion Year-to-Date Inflows
2024-11-19

Cryptocurrency investment products saw a record $33.5 billion inflows so far this year after seeing more than $2.2 billion coming in over the past week amid a cryptocurrency market rally that helped the price of Bitcoin hit a new all-time high above $93,000.
According to CoinShares’ latest Digital Asset Fund Flows report, the total assets under management of these cryptocurrency investment products is now at a $138 billion high as inflows keep on growing.
Per the firm’s report, inflows were at the $3 billion mark in the first half of the past week, but the price of Bitcoin hitting a new all-time high led to significant outflows, likely as investors were taking advantage of the higher prices.
Nevertheless, investment products offering exposure to the flagship cryptocurrency Bitcoin saw $1.48 billion inflows, while those offering exposure to Ethereum saw $646 million inflows.
Those offering exposure to multiple cryptocurrencies endured $19.4 million outflows, with those offering exposure to Binance’s BNB saw $400,000 outflows. CoinShares’ report details that total inflows since interest rates were first cut in September were $11.7 billion.
It adds that the recent surge in activity “appears to be driven by a combination of looser monetary policy and the Republican party’s clean sweep in the recent US elections.”
As CryptoGlobe reported, Wall Street giant Goldman Sachs has revealed in a new filing with the U.S .Securities and Exchange Commission that it significantly increased its exposure to spot Bitcoin exchange-traded funds (ETFs).
In a new 13F filing, the Wall Street titan revealed it holds $710 million worth of various spot Bitcoin ETFs, including 12.7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at around $461 million.
The figure represents a substantial 83% increase from the previous quarter. When it held 6.9 million shares in the fund, valued at $281 million. Goldman now ranks as the second-largest holder of IBIT, trailing only hedge fund Millennium Management, whose IBIT holdings hover around $844 million.
Beyond BlackRock’s ETF, Goldman has also expanded its holdings in other prominent Bitcoin funds, increasing its stake in Fidelity’s Wise Origin Bitcoin ETF (FBTC) by 13%, in the Grayscale Bitcoin Trust (GBTC) by 116%, and in the Bitwise Bitcoin ETF (BITB) by 156%.
The bank’s FBTC holdings are now of around $95.5 million, above its Grayscale Bitcoin Trust holdings of $71.8 million. It holds $59.7 million of the Invesco Galaxy Bitcoin ETF, and $22.5 million of Bitwise’s ETF. Minor holdings including $3.1 million in Ark 21Shares’ Bitcoin ETF, as well as $791,000 in the ETF offered by WisdomTree.
Featured image via Unsplash.