See More

Record Crypto Inflows of $1.47B Last Week Boosted by Bitcoin ETFs

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • During the tenth straight week of crypto inflows last week, digital asset investment products saw inflows amounting to $1.47 billion, a new record by a significant margin.
  • According to the weekly report from CoinShares, this is more than double the previous record of $640 million set earlier this year in February.
  • CoinShares attributes the outsized demand to the Securities and Exchange Commission (SEC) approving the first Bitcoin-based exchange traded funds (ETFs).
  • promo

Cryptocurrency investment products and funds saw record inflows from investors last week, according to the latest CoinShares data.

During the tenth straight week of crypto inflows last week, digital asset investment products saw inflows amounting to $1.47 billion, a new record by a significant margin. According to the weekly report from CoinShares, this is more than double the previous record of $640 million set earlier this year in February. Over the course of the week, total assets under management peaked at a new record of $79.2 billion, but finished the week at $76.7 billion. Year-to-date inflows now amount to $8 billion, far exceeding that of $6.7 billion in 2020.

The majority of inflows went to Bitcoin, amounting to $1.45 billion, while Ethereum saw outflows for a third consecutive week totaling $1.4 million. Altcoins Solana, Cardano and Binance also saw significant inflows at $8.1 million, $5.3 million and $1.8 million respectively.

Boosted by Bitcoin ETF approval

CoinShares attributes the outsized demand to the Securities and Exchange Commission (SEC) approving the first Bitcoin-based exchange traded funds (ETFs). This enabled the listing of two such Bitcoin investment products, whose inflows totaled $1.24 billion. This also contributed to Bitcoin achieving a new all-time high of over $67,000 last week.

“Bitcoin hitting new all-time highs shows both how far we’ve come and the capacity bitcoin has to upend the financial system and create a global economy, linking the developed and emerging markets like never before,” said co-founder and CEO of Paxful Ray Youssef. “While this recent price rally can be attributed to movements like the approval of the first bitcoin ETF for institutional investors, we can’t ignore the impact of significant development and adoption in emerging markets.”

After its debut, the ProShares Bitcoin-futures-based ETF became the second-highest traded fund in history, attracting a staggering 24 million shares. It proved so successful that it was already approaching the limit on the number of futures contracts permitted by the Chicago Mercantile Exchange. However, following this act proved difficult as Valkyrie’s Bitcoin futures-based ETF opened at $25, but only fell from there.

What do you think about this subject? Write to us and tell us!

Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Nick.jpg
Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
READ FULL BIO
Sponsored
Sponsored