YEREVAN (CoinChapter.com) — The cryptocurrency market saw unprecedented activity last week, with inflows into crypto investment products hitting $3.85 billion. CoinShares reported this as the largest weekly inflow on record for the period between Dec. 2 and Dec. 6.
This milestone coincided with Bitcoin’s historic price surge. On Dec. 5, Bitcoin exceeded $100,000 for the first time, reaching a peak of $104,000. The previous record for crypto inflows was $3.12 billion in November when Bitcoin traded around $98,000.
Bitcoin Price Surge Drives $2.5 Billion in Inflows
Bitcoin investment products accounted for the majority of last week’s inflows. These products attracted $2.5 billion, bringing total year-to-date inflows to $36.5 billion.
Short Bitcoin investment activity was limited in comparison. CoinShares noted tepid inflows of $6.2 million for short Bitcoin products. According to James Butterfill, CoinShares’ head of research,
“Historically, we have seen much higher inflows after sharp price rises, suggesting investors remain cautious on betting against the recent strong momentum.”
Ethereum ETPs Set a New Record with $1.2B
Ethereum investment products also experienced significant inflows last week. Ether’s price climbed above $4,000 on Dec. 6, driving $1.2 billion into Ethereum ETPs. This represents Ethereum’s largest weekly inflow since its ETFs launch in the United States earlier this year.
However, interest in Ethereum came at the expense of Solana. Solana-backed investment products saw $14 million in outflows last week, marking the second week of declines.
Bitcoin ETFs Now Hold Over 1.1 Million BTC
Bitcoin ETFs reached a significant milestone on Dec. 6, with combined holdings exceeding 1.1 million BTC. This figure surpasses the estimated holdings of Bitcoin’s anonymous creator, Satoshi Nakamoto.
In addition to cryptocurrency ETPs, blockchain equities attracted $124 million in investments last week. This was the highest inflow since January, supported by growing confidence in Bitcoin miner margins.
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