Crypto investment products at asset managers such as BlackRock, Fidelity, ProShares and 21Shares have exceeded $100 billion globally in assets under management, according to CoinShares.
Global crypto funds have witnessed record inflows in recent weeks, which, combined with recent price gains in the crypto market, have led to the AUM record. “Total digital asset exchange-traded products passed the $100 billion mark for the first time ever,” CoinShares Head of Research James Butterfill wrote.
Digital asset investment products AUM and cumulative flows. Image: CoinShares.
The AUM milestone was reached just one day after the global crypto funds broke the 2021 yearly inflow record less than three months into 2024 — dominated by substantial inflows generated by the new spot bitcoin ETFs in the United States.
“Digital Assets ETFs/ETPs have smashed the 2021 record, with inflows following the last few days now sitting at $12 billion year-to-date compared to $10.6 billion for the whole of 2021,” CoinShares Head of Research James Butterfill said on Wednesday.
US spot bitcoin ETF impact
The new U.S. spot bitcoin ETFs alone have brought in more than $2.2 billion worth of inflows this week — including a record daily net inflow of $1 billion on Tuesday, mainly consisting of BlackRock’s IBIT spot bitcoin ETF.
IBIT alone registered a $849 million daily inflow record on Tuesday as its assets under management crossed the $15 billion mark. The combined AUM of all the U.S. spot bitcoin ETFs currently stands at around $61 billion.
Earlier this week, CoinShares completed its acquisition of Valkyrie Funds — including its BRRR spot bitcoin ETF — enabling the European asset manager to expand into the U.S. market.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.