Last week, crypto investment products saw net inflows of $1.1 billion, the biggest weekly inflow since early January this year.

CoinShares data cited by blockchain outlet The Block Crypto showed money flowing back quickly into crypto investment products run by asset managers such as BlackRock, Fidelity and Bitwise.

The inflow jumped from $224 million the week before. At that time, XRP products led allocation and demand for bitcoin was mixed, but last week bitcoin products returned to the center of flows.

Trading also rose. Weekly trading volume increased 13 percent from the previous week to $21 billion. That was still below the year-to-date average of $31 billion. Assets under management recovered to early February levels.

Most inflows were concentrated in bitcoin products. Bitcoin funds attracted $872 million, lifting year-to-date inflows to close to $2.0 billion. Wall Street spot bitcoin exchange-traded fund products led the overall flow in particular.

Investors did not bet in only one direction. Short-bitcoin products also drew $20.2 million, the biggest weekly inflow since November 2024. Spot bitcoin ETF products led the market rise, but some money shifted into hedges against the possibility of declines.

Ethereum products also showed a clear rebound. Ethereum investment products saw inflows of $196.5 million last week. On a year-to-date basis, they are still at a net outflow of $130 million. XRP products saw inflows of $19.3 million, and multi-asset products posted net inflows of $3.0 million. Solana products, by contrast, saw outflows of $2.5 million.

James Butterfill (제임스 버터필드), head of research at CoinShares, pointed to U.S. inflation data and easing geopolitical concerns as drivers of the inflows. He said risk-asset appetite revived as U.S. inflation came in lower than expected and geopolitical conditions also calmed somewhat.

By region, the tilt toward the United States stood out. The United States alone recorded inflows of $1.065 billion, accounting for about 95 percent of total weekly inflows. Germany posted $34.6 million, Canada $7.8 million and Switzerland $6.9 million.

Against this backdrop, the market is watching both the scale and durability of the recovery in flows. Bitcoin products led inflows and ethereum rebounded, but trading volumes were still below the year-to-date average and inflows into short-bitcoin products also rose. Funds are returning to risk assets, but it is difficult to say investor sentiment has fully tilted in one direction.