CDS Crypto News Spot Bitcoin ETF Demand Boosts Weekly Crypto Fund Inflows to Record 2.5 Billion Dollars
Crypto News

Spot Bitcoin ETF Demand Boosts Weekly Crypto Fund Inflows to Record 2.5 Billion Dollars

Last week, the global market for digital asset investment products experienced an unprecedented surge, with record-breaking inflows totaling nearly $2.5 billion.

242
Spot Bitcoin ETF Demand Boosts Weekly Crypto Fund Inflows to Record 2.5 Billion Dollars

Crypto News- Last week marked a milestone for crypto funds managed by industry giants like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, as they collectively welcomed a record-breaking $2.45 billion in inflows worldwide, as per CoinShares’ latest report.

The surge was predominantly fueled by the introduction of new U.S. spot Bitcoin exchange-traded funds, propelling year-to-date inflows into digital asset investment products to reach an impressive $5.2 billion.

Spot Bitcoin ETF Demand Boosts Weekly Crypto Fund Inflows to Record 2.5 Billion Dollars

With recent price upticks, the assets under management for these crypto investment firms have now soared to $67 billion — a level not seen since December 2021 during the peak of the previous bull market, highlighted James Butterfill, CoinShares Head of Research. Concurrently, Bitcoin is currently trading at $52,188, marking a robust 25% increase year-to-date.

The overwhelming majority of these accelerating inflows, a staggering 99%, poured into the U.S. market, totaling $2.4 billion. Meanwhile, funds based in Switzerland and Germany saw modest inflows of $16.7 million and $13.3 million, respectively. However, Sweden experienced notable regional outflows amounting to $26.3 million.

This surge in net inflows, coupled with a decline in outflows from established players like Grayscale’s converted GBTC fund, signals a burgeoning interest in the new U.S. spot Bitcoin ETFs, Butterfill noted. Unsurprisingly, Bitcoin investment products remained dominant, accounting for 99% of last week’s inflows. Nonetheless, some investors opted to increase short positions, with $5.8 million inflows directed towards short-bitcoin products.

Among altcoins, Ether led the pack with $21.1 million in inflows. Additionally, Avalanche attracted $1 million in funds, while Chainlink and Polygon products each saw an influx of $900,000, extending their streak of consistent weekly inflows.

Spot Bitcoin ETF Demand Boosts Weekly Crypto Fund Inflows to Record 2.5 Billion Dollars

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...