- July 3, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Bitcoin (BTC) exchange-traded products (ETPs) attracted over 98% of all inflows to digital asset investment products last week, CoinShares data shows. Bitcoin ETPs saw inflows of $123 million last week, while the combined inflow to all crypto ETPs stood at $125 million.
The latest inflow to Bitcoin ETPs pushed the year-to-date inflows to $158 million. Until two weeks ago, Bitcoin ETPs had year-to-date net outflows of $171 million, marking an increase of 192% in June. The timing of the recent flurry of spot Bitcoin ETF filings aligns with the reversal in sentiment outlined by the report.
Digital asset investment products saw their most significant inflow since July 2022 in the week of June 16. The total inflow to crypto ETPs over the last two weeks amounts to $334 million, 98% of which went to Bitcoin ETPs.
CoinShares noted that the second week of inflows indicates that investor “bullishness continues.” Market sentiment has mainly turned positive as it anticipates approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
With BTC and Ethereum (ETH) prices up 1.04% and 4.32% over the past week, the assets under management of crypto investment products rose to $37 billion — the highest since early June 2022. Additionally, the trading volume of crypto ETPs reached $2.3 billion last week, shooting past the year-to-date weekly average of $1.5 billion.
With the boost in crypto prices, short-bitcoin investment products saw the tenth week of outflows of $0.9 million. Short-bitcoin ETPs are the best-performing in year-to-date inflows at $60 million.
Ethereum ETPs attracted most of the inflows after Bitcoin, with total weekly inflows pegged at $2.7 million. Cardano (ADA), Polygon (MATIC), and XRP (XRP) ETPs saw minor inflows, while Solana and multi-asset ETPs saw slight outflows of $0.8 million and $1.8 million, respectively.
The post Bitcoin ETP inflows up 192% in June, making up 98% of all crypto fund inflows last week appeared first on CryptoSlate.
