Cryptocurrency investment products have recorded four weeks of inflows as the market eagerly awaits possible U.S. approval of spot Bitcoin (BTC) exchange-traded funds (ETFs).
Fund flow of asset management company CoinShares on October 23 Report It was revealed that digital asset investment products added $179 million in the week ended October 20, bringing assets under management in the field to $33 billion.
It added that of the past week’s inflows, $55.3 million, or 84%, went to Bitcoin investment products, bringing year-to-date Bitcoin product inflows to $315 million.
It seems to be the expectation for the scene #bitcoin ETFs spurred further inflows for the fourth straight week.Here is our analysis @Jbutterfill.
Week 43 inflows: $66 million
Inflows were relatively low compared to June @黑石 Announcements, suggestions and more… pic.twitter.com/6AkDGQJVOh
— CoinShares (@CoinSharesCo) October 23, 2023
However, James Butterfill, head of research at CoinShares, pointed out that inflows in the latest week have still not reached the levels seen when BlackRock first applied for a spot Bitcoin ETF earlier this year.
“While recent inflows may be related to excitement over the launch of a spot Bitcoin ETF in the U.S., they are relatively low compared to initial inflows following BlackRock’s announcement in June.”
Butterfill added that a four-week inflow in June saw $807 million enter the sector, and the recent decline in inflows “suggests investors are taking a more cautious approach this time around.”
Meanwhile, the Solana (SOL) product had the second highest inflow share last week and the largest among all altcoins, with $15.5 million in net inflows. Ethereum (ETH) products saw $7.4 million in outflows, making it the only altcoin to see outflows last week.
related: Ernst & Young says Bitcoin ETF will trigger huge demand from institutions
Most recently, interest in spot Bitcoin ETFs surged on the evening of October 23 amid “positive signs” that BlackRock’s ETF was one step closer to approval and that a U.S. Court of Appeals had issued authorization to the U.S. Securities and Exchange Commission. Requesting review of Grayscale’s spot Bitcoin ETF application. .
The moves triggered a rally in Bitcoin, which rose 14% in the past 24 hours and briefly touched $34,000 for the first time since May 2022.
The price increase also led to over $193 million in Bitcoin short liquidations over the past 24 hours, according to CoinGlass data data.
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