Digital Asset Investment Funds Record $598 Million Inflows as Yearly Gains Tap $5.7 Billion

cryptonews.com:

Digital asset investment funds recorded $598 million in inflows in the last seven days as Assets Under Management (AUM) reached $67.4 billion.

A new CoinShares Digital Asset Weekly Funds Flow Report shows increased activity around cryptocurrency investment products and the broader market.

Bitcoin ETF inflows continue with a further US$598m last weekhttps://t.co/LxJ6BSBlH0

— James Butterfill (@jbutterfill) February 26, 2024

Digital asset inflows hit $598 million last week, with Bitcoin price maintaining momentum despite slight sell-offs.

The inflow in the last seven days marked a consecutive fourth week of gains on the back of spot ETF inflows in the market. This year inflows have soared past $5.7 billion as traditional investors increase their exposure to the asset.

Institutional investors remain the most significant determinant of the market upswing, with present inflows going up  55% from volumes recorded in 2021. This signals higher institutional demand for digital assets, with funds expecting further growth.

2021 is seen as a major bull cycle as the price of Bitcoin (BTC) soared above $64,000, which positively influenced other altcoin price performance as well.

The bull market also saw broader market capitalization and decentralized finance (DeFi) figures hit new highs amid surging activity.

With the approval of spot Bitcoin ETFs, it is expected that more inflows will be recorded throughout the new investment window.

These inflows and price surges have pushed the current AUM to $67.4 billion, although it even reached $68.3 billion earlier in the week. Institutional fund AUM reached its highest point since December 2021, still short of its $87 billion all-time high in November 2021.

As anticipated, the market leader saw $570