The last surge in activity that has surrounded the crypto ETFs has subsequently led to the largest weekly inflow for digital asset investment products since July 2022- as mentioned by CoinShares in a 26th June report. The sum has a cumulative value of $199 million, where the inflows for the week of June 19-23 turned around an entire nine-week string of consecutive outflows, with Bitcoin striving to represent the lion’s share at a sum of $187 million. The analysts at CoinShares further attributed the reversal to increasing activity from ETF issues in the space of ETFs. They stated that the renewed optimistic sentiment was due to recent announcements made by high profile issuers of ETP.
Crypto Investments Have Made Massive Headways
As reported by Cointelegraph on 23rd June, Bitcoin further reached a 2023 high of $31,431 last week- a movement that was attributed largely to the institutional interest in ETFs, with both Fidelity Investments and BlackRock filing for spot Bitcoin ETFs in June. Now, although the uptick in Bitcoin has allowed a small knock-on effect for Ether- there was no such sign of follow-through for altcoins, which then saw little to no positive movement outside of trickling inflows for Solana, and XRP, or other crypto investments, in the amounts of $240000 and $170000 respectively.
BITO, the crypto futures fund for Bitcoin, also went ahead and made a few waves the previous week with its largest weekly inflow over a year, with around $65.3 million haul- which brought its assets up to a sum of $1 billion. These rallies also came after the cryptocurrency had dropped under a sum of $25000 in June for the first time since the middle of March after the SEC leveled separate lawsuits.