Are large funds quietly flowing back? Recently, I noticed that the fundraising data for cryptocurrency funds is still quite good. Last week, global crypto investment products saw net inflows of more than $1.2 billion, which marks the fourth consecutive week of capital entering the market. With the Federal Reserve’s decision drawing near, institutional funds are still continuing to flow in, suggesting that large investors still have confidence in the outlook.

Bitcoin remains the top magnet for inflows, pulling in more than $930 million in a single week. Year-to-date, cumulative inflows have already exceeded $4 billion. Ethereum is also performing strongly, maintaining net inflows of more than $190 million for three straight weeks. Funds for XRP and Solana likewise recorded inflows in the tens of millions each. Interestingly, the total assets under management for money market funds have rebounded to $155.3 billion, reaching a new high since February. Although it still remains some distance from last October’s peak, at least the trend is heading upward.

From the issuers’ perspective, U.S. institutions completely dominate the picture. The iShares series under BlackRock leads with a weekly inflow of $950 million. Ark Invest and Fidelity also saw $50 million and $36 million flow in, respectively. By contrast, Grayscale is still passively selling off; last week it also saw an outflow of $50 million. By region, the U.S. attracted $1.088 billion in inflows. Germany’s performance in Europe was unexpectedly strong, with capital inflows doubling. Switzerland also saw funds return after adjustments. It looks like large funds’ interest in crypto funds is indeed heating up.