Bitcoin (BTC) exchange-traded products (ETPs) saw $312 million in inflows in the week ended November 24, bringing year-to-date inflows to about $1.5 billion, according to CoinShares. Weekly inflows across all cryptocurrencies totaled $346 million, continuing a nine-week trend of positive net inflows.
Capital inflows hit a new high this week, reaching $346 million, the highest total in the past nine weeks.
– #bitcoin –
Bitcoin USD: Inflows of $312 million ($1.5 billion year-to-date)
Short Bitcoin: $900,000 OutflowETP trading volume as a percentage of total Bitcoin spot trading volume… pic.twitter.com/gMUPzTy0q4
— CoinShares (@CoinSharesCo) November 27, 2023
Cryptocurrency ETPs experience inflows when their shares trade above the price of their underlying assets, and outflows when their shares trade below the price of their underlying assets. As such, inflows are generally viewed as a bullish indicator for the entire cryptocurrency market, while outflows are generally viewed as bearish.
Cryptocurrency ETPs had experienced weeks of outflows before September 25, the report said. But starting the week of September 25-29, the sector started seeing consistent weekly inflows. Over time, inflows increased. The week ended Nov. 24 saw the largest inflows in the entire nine-week period.
Coinshares said Canadian and German ETPs accounted for the largest portion of inflows this week, accounting for 87%. Inflows to the United States decreased to $30 million.
The entire cryptocurrency fund currently has $45.4 billion in assets under management (AuM), the highest level in 18 months.
CoinShares speculated in a previous report that the recent inflows may have been influenced by optimism that a U.S. spot Bitcoin ETF would be approved. On November 22, BlackRock met with the U.S. Securities and Exchange Commission (SEC) to try to make progress on this goal. Grayscale met with the SEC for similar reasons.
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