Key Points
- October 2024 has become the fourth-largest month on record for crypto investments, with $3.36 billion in inflows representing 12% of total assets under management at major crypto funds, according to CoinShares data
- U.S. spot bitcoin ETFs dominated the flows, with BlackRock’s IBIT leading the charge as U.S.-based products attracted $906 million in weekly inflows
Record-Breaking Monthly Performance
According to CoinShares‘ latest report, digital asset investment products continued their strong performance through October, attracting an additional $901 million in net inflows globally last week. This surge has pushed the month’s total inflows to $3.36 billion, securing October’s position as the fourth-largest month on record for crypto investments. The yearly figures are even more impressive, with 2024 year-to-date inflows reaching $27 billion, nearly triple the previous record of $10.5 billion set in 2021.
Bitcoin Dominance and Regional Variations
CoinShares data shows Bitcoin-based funds overwhelmingly dominated the weekly flows, accounting for $920 million of the total inflows. U.S. spot bitcoin ETFs were particularly strong performers, with $997.6 million in net weekly inflows. However, the regional distribution showed some variation, as funds based in Sweden, Canada, Brazil, and Hong Kong experienced combined net outflows of $29.1 million.
Alternative Assets and Market Dynamics
While Bitcoin dominated the headlines, CoinShares’ report indicates other crypto assets showed mixed performance. Blockchain equities and Solana products demonstrated positive momentum, securing inflows of $12.2 million and $10.8 million respectively. However, Ethereum-based funds faced headwinds, recording net weekly outflows of $34.7 million as the ETH/BTC ratio dropped to its lowest level since April 2021. Short-bitcoin positions also saw minor outflows of $1.3 million, indicating a broader bullish sentiment in the market.
