A latest surge in exercise surrounding exchange-traded funds (ETFs) has led to the largest weekly inflow for digital asset investment products since July 2022, in response to a June 26 report by CoinShares.
Totaling $199 million, inflows for the week of June 19–23 rotated a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the lion’s share at $187 million (94% of general inflows).
This week in Fund Flows, by @jbutterfill:
A pointy shift to bullishness amongst buyers, injecting US$199m in digital asset investment products.
This marks the largest single weekly inflow since July ’22, correcting virtually half of 9 consecutive weeks of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU
— CoinShares (@CoinSharesCo) June 26, 2023
CoinShares analysts attributed the reversal to growing exercise from exchange-traded product (ETP) issuers within the ETF area:
“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 excessive of $31,431 final week — motion that was largely attributed to institutional curiosity in ETFs, with each BlackRock and Fidelity Investments submitting for spot Bitcoin ETFs in June.
While the uptick in Bitcoin inflows managed to have a small knock-on impact for Ether (ETH) — inflows elevated to $7.8 million — there was no signal of follow-through for altcoins, which noticed little to no optimistic motion exterior of trickling inflows for XRP (XRP) and Solana (SOL) within the quantities of $240,000 and $170,000, respectively.
Related: Binance reverses determination to delist privateness cash in Europe
Bitcoin futures fund BITO — the ProShares Bitcoin Strategy ETF — additionally made waves final week with its largest weekly inflow in a 12 months, a $65.3 million haul, bringing its belongings as much as $1 billion.
These rallies come after Bitcoin dropped beneath $25,000 in June for the primary time since mid-March after the United States Securities and Exchange Commission leveled separate lawsuits towards Binance and Coinbase alleging improprieties.
Last week’s Bitcoin excessive of $31,431 not solely snapped a nine-week outflows streak for crypto belongings but in addition set three new all-time nationwide cryptocurrency-based data. As Cointelegraph reported on June 25, Argentina, Venezuela and Lebanon noticed BTC hit its highest-ever ranges towards native currencies.
