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Crypto investment products saw inflows totaling $598 million from institutional Bitcoin investment products over the past seven days, according to the latest report by CoinShares. Crypto exchange-traded products (ETPs) have now witnessed their fourth consecutive week of inflows.
<blockquote class="twitter-tweet">
 Bitcoin ETF inflows continue with a further US$598m last week<a href="https://t.co/LxJ6BSBlH0">https://t.co/LxJ6BSBlH0</a>— James Butterfill (@jbutterfill) <a href="https://twitter.com/jbutterfill/status/1762068722435469406?ref_src=twsrc%5Etfw">February 26, 2024</a>
</blockquote> 
According to CoinShares’ “Digital Asset Fund Flows Weekly” report <a href="https://blog.coinshares.com/volume-171-digital-asset-fund-flows-weekly-report-0bc3a2259018" target="_blank" rel="noopener nofollow">published</a> on Feb. 26. , the year-to-date inflows have now exceeded $5.7 billion as institutional investors are increasing Bitcoin exposure through the spot Bitcoin ETFs. 
CoinShares Head of Research James Butterfill said, 
<blockquote>
 “Earlier in the week, total assets under management (AuM) peaked at US$68.3bn, the highest point since December 2021, although still a way off the US$87bn all-time high seen in November 2021.”
</blockquote>
<h2 id="focus-on-bitcoin-and-spot-bitcoin-etfs">Focus on Bitcoin and spot Bitcoin ETFs</h2>
The data follows heavy buying amid a market recovery driven by <a href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds">spot Bitcoin exchange-traded funds</a> (ETF). Institutions deposited nearly $598 million into crypto products offered by <a href="https://cointelegraph.com/learn/blackrocks-bitcoin-etf">BlackRock</a>, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares between Feb. 19 and Feb. 23 before outflows briefly slowed toward the end of last week.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/05e1879e-e7cd-4309-b894-a618816d18da.png">
 <figcaption style="text-align: center;">
 Capital flows for crypto investment firms. Source: CoinShares
 </figcaption>
</figure>
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) funds saw the largest inflows for any cryptocurrency, with approximately $570 million, representing 95% of the total. Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) was second, posting $16.8 million in inflows. Litecoin (<a href="https://cointelegraph.com/ltc-price-index">LTC</a>) and Ripple’s <a href="https://cointelegraph.com/xrp-price-index">XRP</a> ETPs witnessed inflows of $1 million and $1.1 million, respectively. 
Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) bucked the overall trend, posting $3 million in outflows due to “recent outages,” which may have possibly “impacted sentiment” around the layer 1 token, according to CoinShares.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/133a4b3c-9a01-4dae-a68e-ee60dfe135ea.png">
 <figcaption style="text-align: center;">
 Capital flows for crypto investment products. Source: CoinShares
 </figcaption>
</figure>
<h2 id="u-s-saw-weekly-inflows-of-609-million">U.S. saw weekly inflows of $609 million</h2>
In line with digital asset investment products witnessing increased inflows last week, CoinShares highlighted that current higher-cost spot issuers in the United States saw massive inflows, particularly into the <a href="https://cointelegraph.com/news/bitcoin-etf-inflows-recover-btc-price-50k-support">new spot Bitcoin ETF </a>issuers. Inflows into U.S.-based crypto products were $609.5 million, notwithstanding $436 million worth of outflows from Grayscale. 
<blockquote class="twitter-tweet">
 &nbsp;We've just gone through the fourth consecutive week of inflows for digital asset investment products! ➡️&nbsp;Last week inflows US$598m — Dynamics — The USA is responsible for US$610m of inflows. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is once again dominating with US$570m inflows last week. However,… <a href="https://t.co/fiXDBzC0al">pic.twitter.com/fiXDBzC0al</a>— CoinShares (@CoinSharesCo) <a href="https://twitter.com/CoinSharesCo/status/1762143244266217887?ref_src=twsrc%5Etfw">February 26, 2024</a>
</blockquote> 
Brazil and Switzerland registered minor inflows of $8.2 million and $2.1 million, respectively, while the Canadian market witnessed the largest outflows from digital asset investment products, shedding $17.8 million, followed by Sweden with $8 million in outflows.
Related: <a href="https://cointelegraph.com/news/microstrategy-adds-3k-btc-etfs-surpass-gold">MicroStrategy adds 3K BTC as Bitcoin ETFs are poised to surpass gold ETFs</a>
<h2 id="bitcoin-price-rallies-past-53-000">Bitcoin price rallies past $53,000</h2>
Increased inflows in Bitcoin products are in tandem with the recent <a href="https://cointelegraph.com/news/bitcoin-price-rejects-at-53k-as-futures-open-interest-hits-a-2-year-high">price increase above $53,000</a> before a slight correction to $50,500. At the time of publishing, BTC had scaled past this level to set a new year-to-date high at $53,650.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/0ae9d017-f79d-4312-b0c5-692c7e101e5a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a href="https://www.tradingview.com/x/ry31rpba/" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The last time Bitcoin traded above $53,600 was over two years ago, on Dec. 3, 2021, when it dropped from a high of $57,872 before embarking on a downtrend that took the price to $16,600 in November 2022.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin hits 2-year high as crypto fund inflow nears $600M

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