Weekly inflows to cryptocurrency investment products reached $346 million last week, their highest level in 2023, digital asset manager CoinShares found in a report published Monday.

Bitcoin inflows accounted for $312 million of that total, bringing year-to-date inflows to $1.5 billion, about double the inflows for all of 2022. Inflows have occurred for nine consecutive weeks – the longest “run” since “the bull market in late-2021,” CoinShares research head James Butterfill wrote, attributing the surge at least partly to short-sellers capitulations.

Outflows from short sellers have occurred for three consecutive weeks.

The upward trend has come amid rising market optimism that the Securities and Exchange Commission (SEC) will soon pass a spot bitcoin ETF.  Investors have sent bitcoin’s price up about 48% since early September. The largest cryptocurrency by market capitalization was recently trading at 37,260 and is up 125% for the year.

“The combination of price rises and inflows have now pushed up total assets under management (AuM) to US$45.3bn, the highest” in more than 18 months, Butterfill wrote.

Ethereum weekly inflows hit $34 million to continue a four-week run in which inflows have totaled $103 million and “almost corrected” a run of outflows from earlier in the year. Solana led other altcoins with $3.5 million in weekly inflows. ETH and SOL recently fell about 1.7% and 4% from Sunday, same time.

Volumes of exchange traded products (ETP) as a percentage of spot bitcoin volumes remained “well above average,” and highlighted “the continued increased use of ETPs to gain exposure to the asset class.”

ETF Anticipation Fuelling the Largest Surge in Inflows Since Late 2021https://t.co/kadC8aRml5

— James Butterfill (@jbutterfill) November 27, 2023

Read More: Digital Asset Inflows Have Already Topped Last Year’s Total