Cryptocurrency investment products saw inflows of $646 million over the past week, bringing year-to-date inflows to their highest level ever at $13.8 billion, surpassing the previous record of $10.6 billion seen in 2021.

These inflows come after the price of the flagship cryptocurrency Bitcoin ($BTC) surged by more than 66% year-to-date to now trade at around $70,500, up over 148.8% from  a year ago with a market capitalization of $1.39 trillion.

According to CoinShares’ latest Digital Asset Fund Flows report, investment products offering investors exposure to Bitcoin saw inflows of $663 million over the past week, while products betting against the cryptocurrency saw their third week of outflows, losing $9.5 million.

Ethereum’s ETH, the second-largest cryptocurrency by market capitalization, saw $22.5 million of outflows, contrasting with other altcoins as products offering exposure to multiple assets saw $1.3 million of inflows, while Solana-focused investment products saw $4 million of inflows.

Products offering exposure to Litecoin, a cryptocurrency often referred to as the silver to Bitcoin’s gold, saw inflows of $4.4 million while Cardano-focused and XRP-focued products saw $200,000 and $100,000 inflows, respectively.

CoinShares’ data also suggests a geographically divided investor base. The United States saw another week of positive inflows, totaling $648 million. Similar trends were observed in Brazil, Hong Kong, and Germany, with inflows of $10 million, $9 million, and $9.6 million, respectively. Conversely, Switzerland and Canada experienced weekly outflows of $27 million and $7.3 million, respectively.

The firm referred to products shorting BTC seeing their third week of outflows as a sign of “minor capitulation” among bearish investors. This potential minor capitulation comes at a time in which the cryptocurrency community is eagerly expecting Bitcoin’s upcoming halving event.

The halving will cut the coinbase reward miners receive per block found in half, effectively cutting in half the supply of new Bitcoin entering the market. Halvings are programmed onto Bitcoin and occur every 210,000 blocks – roughly every four years – and have historically been bullish for the cryptocurrency.

Featured image via Unsplash.