CoinShares recorded $1.65 billion in digital asset inflows during the first three trading days of this week, extending a strong run for crypto investment products after $2.94 billion in inflows the previous week, which was the largest weekly total of the year.

Bitcoin led the latest gains with $976 million in inflows, while Ethereum attracted $478 million. CoinShares said the broader crypto market was also supported by increased participation in altcoins, even as a separate structural shift continued to build beneath the headline flow numbers.

Total assets under management across crypto exchange-traded products rose to about $155 billion. Year-to-date flows moved back into positive territory at $3.4 billion across the industry. The United States accounted for the bulk of the latest inflows at $1.5 billion, while Germany and Switzerland were the next strongest markets.

Among altcoins, XRP drew $80.5 million and Solana received $62.9 million. Hyperliquid products recorded $39 million in inflows. CoinShares noted that these figures reflect flows across all issuers globally, not just its own products.

Bitcoin closed on August 26 near $78,500 after briefly touching $81,000 a day earlier. The asset also reclaimed its 200-day moving average for the first time in 270 sessions.

CoinShares linked the renewed appetite for digital assets in part to uncertainty surrounding Federal Reserve policy. Core PCE inflation for July rose 0.2% month over month and 3.3% year over year, both in line with consensus estimates.

A forthcoming CoinShares mining report argues that a less visible constraint is reshaping U.S. data center economics: regulation and grid access, rather than capital, are now the main bottlenecks. Bitcoin miners are positioned at the center of that shift because they already control energized infrastructure that can be adapted for AI hosting, making existing sites more valuable in a market where new capacity is hard to bring online.

According to CoinShares, U.S. data center vacancy has fallen from 10% in 2019 to around 1% today, and that level has remained broadly unchanged for three consecutive years. The firm said moratoriums and development restrictions on new facilities are now at record levels across the country.

CoinShares also said the queue for grid connections has reached roughly 2,060 gigawatts, compared with about 1,300 gigawatts of installed U.S. generating capacity. In other words, the pending queue is about 1.6 times larger than the country’s entire existing power fleet. New facilities now take roughly five years to connect to the grid, according to the firm.

That timeline, CoinShares said, gives already-energized sites a substantial advantage over new developments. Miners already have the infrastructure in place, and no comparable regulatory hurdle stands between mining and AI hosting. The firm expects this dynamic to keep shifting miner revenue toward AI hosting contracts as demand for compute continues to compete with limited grid access.

CoinShares estimates that AI’s share of revenue at listed bitcoin miners has risen from around 30% and could reach 70% by the end of the year. The firm added that the share could climb even higher depending on how quickly additional grid capacity becomes available.

The report also comes as markets watch for signals from Fed Chair Kevin Warsh, who is scheduled to deliver his first Jackson Hole keynote on Friday. CoinShares said investors are looking for guidance on how he weighs sticky inflation against weakening consumer confidence and new home sales data.