Last week saw the biggest inflows of digital asset investment on regulated exchanges since July 2022
CRYPT — Rreport published by European digital asset management firm CoinShares, crypto-based investment products saw their largest weekly inflows since July 2022. According to CoinShares, overall inflows across all crypto-based investment products reached $199 million, with Bitcoin leading the way with inflows of $187 million.
Additionally, total assets under management in crypto investment products hit a yearly high, hitting $37 billion and offsetting losses that have occurred in the market since Three Arrows Capital went bankrupt in July 2022. The instrument traded Bitcoin exchange known as BTCE, which is issued by London-based ETC Issuance GmbH, saw the highest weekly inflows at $77.3 million.
The Bitcoin Strategy Exchange Traded Fund (BITO) offered by ProShares received the largest inflow of capital in the United States, totaling $60.4 million. BITO, which began operations in October 2021, monitors the price of bitcoin by making calculated investments in CME Bitcoin Futures. The fund’s total assets under management exceeded $1 billion due to the inflow that occurred the previous week.
In a tweet posted this morning, Eric Balchunas, senior ETF analyst for Bloomberg, said BITO also broke its trading volume records on Friday with “half a billion shares” changing hands, which “didn’t been done only about 5 times before”. The “renewed positive sentiment” has been linked by CoinShares analyst James Butterfill to the recent wave of applications for spot Bitcoin ETFs that have been filed with the United States Securities and Exchange Commission.
On June 16, an application for a listed index fund (ETF) was submitted by BlackRock, the world’s largest investment fund. This application has given a positive impetus to the market.
Less than a week after BlackRock’s bid, a number of other fund managers, including Valkyrie, WisdomTree and Invesco, have created their own filings, following in BlackRock’s footsteps. Compared to Bitcoin’s inflow of $187 million, Ethereum (ETH) investment products brought in a total of $7.8 billion. According to Butterfill, this demonstrates that “the appetite for Ethereum is currently lower than for Bitcoin.”
