Bitcoin (BTC)-related investment products have become the “major beneficiary” of recent investor interest in cryptocurrencies as anticipation grows for spot Bitcoin ETF approval in the United States.
In total, $1.76 billion in investor funds flowed into crypto products over a 10-week period, marking the largest inflows in such a period since October 2021, according to a Dec. 4 report from CoinShares – launched as Bitcoin futures became. Research leader James Butterfill.
Record inflows! In the last 10 weeks there have been inflows totaling 1.76 billion.
Week 49 inflows: $176 million
– #Bitcoin –
$BTC: U$133 million inflows
Short Bitcoin: $3.6 million in inflows
Trading volumes in ETPs remain… pic.twitter.com/Elon1F2pHl
— CoinShares (@CoinSharesCo) December 4, 2023
CoinShares' weekly reports over the past 10 weeks show that at least $1.44 billion in inflows flowed into Bitcoin investment products during this period, as Bitcoin's price rose from $26,600 to $37,700 on December 1st. Dollar has risen.
Meanwhile, it recorded inflows into crypto investment products worth $176.3 million in the last week ending December 1. Bitcoin (BTC) investment products were the “main beneficiary,” Butterfill said, recording $132.8 million in inflows last week, while Ether (ETH) and Solana (SOL) products recorded $30.8 million -dollars or 4.3 million US dollars.
Digital asset flows (in millions) week by week in 2023. Source: CoinShares
Related: Bitcoin Prices Should “Logically” Correct in January, But Crypto Is a “Joker”
The inflows come as spot Bitcoin ETF applications move closer to possible approval in the US
Some Bitcoin futures-based products could benefit from the recent excitement over approvals, said James Edwards, cryptocurrency analyst at fintech firm Finder, in a previous interview with Cointelegraph.
“Early signs suggest that institutional investors are already speculating on ETF approval, with inflows into existing Bitcoin futures ETFs such as ProShares BITO surging in recent days, breaking 2021 records.”
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