A recent surge in activity surrounding exchange-traded funds (ETFs) has led to weekly inflows into digital asset investment products reaching their highest level since July 2022, according to A report from CoinShares on June 26.
Inflows for the week of June 19-23 totaled $199 million, reversing a nine-week streak of outflows, with Bitcoin (BTC) taking the lion’s share at $187 million (94% of total inflows) .
In this week’s money flow, @jbutterfill:
Investors took a sharp turn in their bullish sentiment, pumping $199 million into digital asset investment products.
This marked the largest weekly inflow since Jul’22, correcting nearly half of the nine-week streak of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU
— CoinShares (@CoinSharesCo) June 26, 2023
CoinShares analysts attribute the reversal to increased activity by exchange-traded product (ETP) issuers in the ETF space:
“We believe this renewed positive sentiment is due to recent announcements by high-profile ETP issuers that have filed with the SEC to physically back ETFs.”
As Cointelegraph reported on June 23, Bitcoin hit a 2023 high of $31,431 last week, a move largely attributed to institutional interest in ETFs, with BlackRock and Fidelity Investments) applied for a spot bitcoin ETF in June.
While the increase in bitcoin inflows had a slight knock-on effect on ethereum (ETH)—inflows increased to $7.8 million—the altcoins showed no signs of following through, and aside from a small amount of inflows, altcoins saw little to any positive changes. XRP (XRP) and Solana (SOL) amounted to $240,000 and $170,000, respectively.
related: Binance reverses decision to delist privacy coin in Europe
Bitcoin futures fund BITO (ProShares Bitcoin Strategy ETF) also made waves last week, recording its largest weekly inflow in a year, reaching $65.3 million, bringing its assets to $1 billion.
Bitcoin fell below $25,000 in June for the first time since mid-March after the SEC filed separate misconduct lawsuits against Binance and Coinbase.
Bitcoin reached a high of $31,431 last week, not only ending the crypto asset’s nine-week streak of outflows, but setting three new national cryptocurrency all-time records. Argentina, Venezuela, and Lebanon saw BTC hit all-time highs against their local currencies, Cointelegraph reported on June 25.
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