CoinShares’ latest weekly inflow report shows a substantial increase in investor appetite for digital asset investment products, with Bitcoin leading the rally.
A recent surge in activity surrounding exchange-traded funds (ETFs) has led to the largest weekly inflow for digital asset investment products since July 2022, according to a June 26 report by CoinShares.
Totaling $199 million, inflows for the week of June 19–23 turned around a nine-week string of consecutive outflows, with Bitcoin BTC $30,604 representing the lion’s share at $187 million (94% of overall inflows).
CoinShares analysts attributed the reversal to increasing activity from exchange-traded product (ETP) issuers in the ETF space:
“We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the US Securities & Exchange Commission.”
As Cointelegraph reported on June 23, Bitcoin reached a 2023 high of $31,431 last week — movement that was largely attributed to institutional interest in ETFs, with both BlackRock and Fidelity Investments filing for spot Bitcoin ETFs in June.
While the uptick in Bitcoin inflows managed to have a small knock-on effect for Ether ETH $1,874 — inflows increased to $7.8 million — there was no sign of follow-through for altcoins, which saw little to no positive movement outside of trickling inflows for XRP XRPtickers down $0.48 and Solana SOLtickers down $16 in the amounts of $240,000 and $170,000, respectively.
Bitcoin futures fund BITO — the ProShares Bitcoin Strategy ETF — also made waves last week with its largest weekly inflow in a year, a $65.3 million haul, bringing its assets up to $1 billion.
These rallies come after Bitcoin dropped below $25,000 in June for the first time since mid-March after the United States Securities and Exchange Commission leveled separate lawsuits against Binance and Coinbase alleging improprieties.
Last week’s Bitcoin high of $31,431 not only snapped a nine-week outflows streak for crypto assets but also set three new all-time national cryptocurrency-based records. As Cointelegraph reported on June 25, Argentina, Venezuela and Lebanon saw BTC hit its highest-ever levels against local currencies.