James Butterfill from CoinShares notes that rising optimism has “prompted largest inflows for 1 & ½ years at $326 million.”
The team at CoinShares notes in their weekly update that digital asset investment products reportedly “saw inflows of US$326m, the largest single week of inflows since July 2022.”
With the crypto bull market underway according to some industry professionals, Bitcoin, the flagship digital currency, “saw 90% of the inflows at US$296m, although recent prices rise also prompted inflows of US$15m into short-Bitcoin investment products.”
The improving optimism also “prompted significant inflows of US$24m into Solana, while some other altcoins saw inflows this optimism did not include Ethereum which saw another US$6m of outflows.”
As noted in a blog post by CoinShares, crypto-asset investment products saw steady inflows of US$326m, which is notably “the largest single week of inflows since July 2022, in what we believe was rising optimism from investors that the US Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF in the US.”
Month-to-date inflows are now “close to half a billion dollars. While positive for Bitcoin, this weekly inflow ranks as only the 21st largest on record, suggesting continued restraint amongst investors, although we do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective.”
From a regional perspective, “only 12% of the flows were from the US at US$38m, presumably as investors wait for the spot-based ETF.”
As stated in the report from CoinShares, the largest flows “were from Canada, Germany and Switzerland, with inflows of US$134m, US$82m and US$50m respectively. We have also seen the largest weekly inflows from Asia at US$28m.”
Total assets under management are “now at US$37.8bn, the highest since May 2022.”
Bitcoin saw 90% of the inflows at US$296m, “although recent prices rise also prompted inflows of US$15m into short-Bitcoin investment products.”
The improving optimism also resulted in considerable “inflows of US$24m into Solana, while some other altcoins saw inflows this optimism did not include Ethereum which saw another US$6m of outflows.”