Demand for Bitcoin exchange-traded funds (ETFs) accelerated again last week, with Bitcoin ETFs receiving a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products, crypto asset management firm CoinShares said on Monday. Accounts for 99% of all inflows.

Additionally, allocations to the newly approved U.S. Bitcoin spot ETF swamped $623 million in outflows from Grayscale Bitcoin Trust (GBTC), an existing fund that converted to an ETF structure. BlackRock’s IBIT and Fidelity’s FBTC attracted $1.6 billion and $648 million respectively in the past week. And Grayscale’s GBTC outflows were compensated by large allocations from BlackRock’s IBIT and Fidelity’s FBTC.

James Butterfield, head of research at CoinShares, said: “This represents a significant acceleration in net inflows, spread across different providers, and indicates growing interest in spot-based ETFs.”

Notably, the spike in Bitcoin ETF demand comes as Bitcoin reaches $52,000 for the first time since December 2021, with investors anticipating the largest cryptocurrency hitting new all-time highs later this year.

According to a CoinShares report, last week also saw record inflows across the entire crypto asset class. Bitcoin accounted for 99% of total net inflows into cryptocurrency funds, with Ethereum products ranking second at $21 million, the report said.

Meanwhile, CoinShares said the blockchain stock ETF suffered $167 million in outflows, indicating investors took profits.

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