Institutional Crypto Inflows Hit 2024 High

Institutional investors continue to accumulate crypto, according to CoinShare’s latest Digital Asset Fund Flows Weekly Report

For the third straight week, large entities registered crypto asset inflows, adding $1.05 billion to their coffers. Notably, the number brings the total yearly inflows to $14.9 billion, an all-time high for 2024.

“The only other year reaching these levels was 2021 when we saw US$10.6 billion for the year,” said James Butterfill, Head of Research of CoinShares.

According to the report, the biggest winner of the week was Ethereum, which saw $36 million purchased by institutions, the highest figure since March. The SEC’s approval of spot Ethereum ETFs is likely driving renewed interest from large players, who have all but left ETH on the sidelines as they have accumulated Bitcoin.

Last week’s bullishness wasn’t enough to counter Ethereum's red numbers over the past year. Institutions have offloaded sizable amounts of ETH, with year-to-date outflows reaching $22 million. Ethereum bulls are no doubt hoping that the ETF approval will reverse the overall trend.

Bitcoin continues to be the most favored asset by large entities, however. Last week, institutions added $1.05 billion to their portfolios, with cumulative flows topping $14.6 billion.

GBTC Outflows Have Nearly Stopped

What has caught Butterfill off guard, he explained, is that Grayscale outflows have all but stopped in the last weeks.

After months of selling from the largest spot Bitcoin ETF provider – Grayscale commands 34% of the market with 288,000 BTC or $19 billion – outflows have slowed. Last week, the company registered just $15 million of outflows, bringing the year-to-date outflows to a whopping $17 billion.

Only two other institutions are in the red when it comes to purchasing Bitcoin. CoinShares XBT saw $326 million in outflows, while 21Shares AG has notched $36 million in outflows during 2024, despite last week’s inflows worth $46 million.