Bitcoin (BTC) and crypto ETPs reach $708,000,000 in institutional money in a week: CoinShares

Institutions are pouring $708 million of money into cryptocurrency exchange-traded products (ETPs), weeks after the U.S. Securities and Exchange Commission (SEC) approved spot BTC exchange-traded funds (ETFs), according to digital asset manager CoinShares.

In its latest Digital Asset Fund Flows report, CoinShares notes that crypto investment products saw massive inflows last week, while Grayscale outflows slowed somewhat.

“In digital asset investment products, we saw large inflows last week totaling $708 million, bringing year-to-date inflows to $1.6 billion and total global assets under management to $53 billion .

Trading volume in ETPs fell to $8.2 billion compared to the previous week’s total of $10.6 billion, but is still well above the weekly average of $1.5 billion in 2023.”

Source: CoinShares Digital Asset Fund Flows Weekly Report

According to the data, recent US-based ETFs recorded $1.9 billion in inflows over the past four weeks. Such ETFs have seen nearly $7.7 billion in inflows since they were approved by the SEC last month.

“This was offset by outflows from incumbent issuers totaling $6 billion, but data shows that the momentum of these outflows has slowed significantly in recent weeks.”

BTC products saw the vast majority of inflows at $703 million, while Ethereum (ETH) products suffered losses of $6.4 million. ETH rival Avalance (AVAX) lost $1.3 million in outflows, while Solana (SOL) products brought in $13 million worth of inflows.

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