Cryptocurrency Fund Inflow Approaches $600M As Bitcoin Reaches A 2-Year High

0
35
bitcoin

According to CoinShares’ most recent report, institutional investors have poured $598 million into cryptocurrency investment products during the last seven days. This is the fourth week in a row that cryptocurrency exchange-traded products (ETPs) have seen inflows. The year-to-date inflows have surpassed $5.7 billion, according to CoinShares’ “Digital Asset Fund Flows Weekly” report, which was released on February 26. Institutional investors are growing their exposure to Bitcoin through the spot Bitcoin ETFs.

Total assets under management (AuM) rose earlier this week at US$68.3 billion, the highest level since December 2021, albeit it is still far behind the US$87 billion all-time high recorded in November 2021, according to CoinShares Head of Research James Butterfill. 

Put Bitcoin First And Look For Bitcoin ETFs

The data comes after significant purchases made during a market rebound propelled by spot Bitcoin exchange-traded funds (ETF). Before outflows temporarily halted toward the end of last week, institutions placed close to $598 million into cryptocurrency products offered by BlackRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares between February 19 and February 23. The highest inflows of any cryptocurrency were seen in Bitcoin BTC tickers down $56,831 money, accounting for around $570 million or 95% of the total. EtheETH) ranked second with inflows of $16.8 million. XRP ETPs from Ripple and Litecoin (LTC) saw inflows of $1.1 million and $1 million, respectively. Contrary to the general trend, Solana (SOL) reported $3 million in withdrawals because of “recent outages,” which might have “impacted sentiment” about the layer 1 token, according to CoinShares. CoinShares said that significant inflows were seen into the US’s higher-cost spot issuers, especially into the recently established spot Bitcoin ETF issuers, coinciding with the rise in inflows into digital asset investment products last week.