Investors are adding to their Bitcoin Exchange Traded Product (ETP) positions as weekly inflows hit their highest levels since June 2022.
As BlackRock files for a spot Bitcoin Exchange Traded Fund (ETF) with the Securities and Exchange Commission (SEC), sentiment has shifted in the crypto market.
Bitcoin Records Largest Single Weekly Inflows
According to CoinShares, digital asset investment products recorded inflows of $199 million last week. Last week’s inflow managed to offset nearly half of the nine previous weeks of continuous outflows.
That said, the crypto market received the highest inflows in the past 12 months. But most of the inflows, totaling $187 million, were directed towards Bitcoin, accounting for 94% of the overall flow.
At the same time, Ethereum received inflows of $7.8 million. Evidently, investors are not betting much on altcoins as they received minimal inflows last week. XRP witnessed inflows of $0.24 million, while $0.17 million was allocated for Solana.
While ETP trading volumes were 170% the average this year, totaling US$2.5bn for the week.
CoinShares believe that the spike in digital assets investment product inflows and trading volume is due to some of the largest fund managers filing for spot Bitcoin ETFs with the SEC.
Last week, Bitcoin hit the $31,000 level as the SEC approved Volatility Shares 2x Bitcoin Strategy ETF (BITX). Prior to that, Valkyrie, BitWise, Fidelity, Invesco, WisdomTree, and BlackRock filed for Bitcoin spot ETFs.
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