US crypto ETFs smash new record amid 4-week inflow streak

Cryptocurrency investment products continued receiving healthy inflows last week, attracting $882 million as global crypto funds approached all-time high asset levels.

Global crypto exchange-traded products (ETPs) recorded $6.3 billion of inflows in the past four weeks, accounting for 93% of total inflows year-to-date (YTD), according to data from European crypto investment firm CoinShares.

Total YTD inflows now stand at $6.7 billion, closing in on the record $7.3 billion posted in early February, according to CoinShares’ head of research James Butterfill.

*Weekly crypto ETP inflows since late 2024. Source: CoinShares*

Amid strong investor demand, crypto exchange-traded funds (ETFs) in the United States reached a record $62.9 billion in cumulative net inflows since launch in January 2024, surpassing the previous high of $61.6 billion set in February, Butterfill noted in a May 12 fund flows update.

Total AUM nears historic record of $173 billion

The continued inflow streak has brought total assets under management (AUM) in global crypto funds to $169 billion, just 2.5% below the historic record of $173.3 billion seen in the last week of January, according to CoinShares data.

However, the latest $882 million of inflows were a notable cooldown from $2 billion seen in the first week of May and $3.4 billion posted in the last week of April.

Bitcoin (BTC) dominated with $867 million in inflows in the past week, with YTD inflows reaching $6.6 billion and AUM rising to $146 billion.

*Crypto ETP flows by asset as of May 10, 2025 (in millions of US dollars). Source: CoinShares*

Inflows to Ether (ETH) investment products were less significant, posting $1.5 million inflows, with AUM edging up to $12 billion.

Sui (SUI) was the biggest winner among altcoins, with Sui ETPs seeing $11.7 million of inflows last week.

Solana (SOL) was the only altcoin to see outflows last week, totaling $3.4 million and dragging month-to-date outflows to $2.9 million.

BlackRock’s iShares outstrip total inflows

According to CoinShares, crypto fund inflows were again highly concentrated in BlackRock’s iShares products, which saw $1 billion of inflows last week.

Year-to-date, BlackRock has attracted $8.1 billion in inflows, significantly exceeding the industry’s total of $6.7 billion.

Grayscale and Bitwise continued to see outflows, losing $168 million and $27 million respectively during the past week. Fidelity and ARK reversed previous negative trends, reporting inflows of $62 million and $46 million, respectively.

*Crypto ETP flows by issuer as of May 10, 2025 (in millions of US dollars). Source: CoinShares*

Bullish trend driven by rise in money supply, macro factors

The ongoing bullish trend in the crypto ETP industry came amid a rally in the cryptocurrency markets, with Bitcoin reclaiming $100,000 for the first time since January on May 8.

Amid the growing investor sentiment, the total crypto market capitalization surged to nearly $3.5 trillion, down 11% from the historic high of $3.9 trillion posted in mid-December 2024, according to data from CoinGecko.

*Bitcoin (BTC) price chart since January 2024. Source: CoinGecko*

“We believe the sharp increase in both prices and inflows is driven by a combination of factors: a global rise in M2 money supply, stagflationary risks in the US and several US states approving Bitcoin as a strategic reserve asset,” CoinShares’ Butterfill wrote.

Bitcoin traded at $104,407 at the time of publication, slightly down from a historic high above $106,000 posted on Dec. 17, 2024.

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