The cryptocurrency market has witnessed a significant milestone, with cumulative year-to-date inflows into crypto-related investment products reaching an all-time high of $14.9 billion. This achievement follows three consecutive weeks of inflows totaling $1.05 billion, indicating a substantial surge in investor interest.

According to CoinShares' weekly report, the trading volumes of ETPs (Exchange-Traded Products) have risen by 28% to $13.6 billion during the reporting period, a considerable departure from the subdued activities seen in previous weeks. James Butterfill, CoinShares' head of research, pointed out that recent price increases in the market have pushed the total value of assets under management for digital asset ETPs to $98.5 billion.

A closer examination of the inflows reveals that Bitcoin-related ETPs accounted for 99% of the total inflows, recording a substantial $1.01 billion last week. This significant investment in BTC ETPs suggests a return of positive sentiments in the market, as investors interpret the FOMC minutes and recent macro data as mildly dovish.

Surprisingly, short Bitcoin products experienced another week of outflows, totaling $4.3 million. Despite this, the substantial inflows into BTC ETPs indicate a broad positive sentiment in the market, despite recent price rises. The positive sentiments also extended to Ethereum-related investment products, which saw their highest inflows at $36 million since March.

The approval of Ethereum ETFs in the United States has likely contributed to the positive sentiments, as investors become more confident in the potential of digital assets. Other large-cap digital assets, such as Solana, Chainlink, and Litecoin, recorded cumulative inflows exceeding $10 million during the reporting period.

However, it's worth noting that while sentiments in the United States appear to positively impact investors' interests in crypto products, the same cannot be said for ETFs in Hong Kong. According to CoinShares, since the initial positive launch of Bitcoin spot-based ETFs in Hong Kong, there have been further outflows of $29 million last week, bringing the total outflows in the city-state to approximately $80 million this month, the highest among countries.

The recent surge in crypto-related investment products can be attributed to the growing interest in digital assets and the increasing adoption of cryptocurrency globally. As the cryptocurrency market continues to evolve, it's essential to monitor the trends and sentiments of investors to better understand the driving forces behind the growth and adoption of digital assets.

In conclusion, the record-high inflows into crypto-related investment products, driven primarily by Bitcoin ETFs, indicate a significant shift in investor sentiment. The substantial inflows into BTC ETPs, despite recent price rises, suggest a broad positive sentiment in the market, driven by the interpretation of FOMC minutes and macro data as mildly dovish. The approval of Ethereum ETFs in the United States has likely contributed to the positive sentiments, and it's crucial to continue monitoring the trends and sentiments of investors to understand the driving forces behind the growth and adoption of digital assets.