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 (
$110,171.00 ) (BTC) representing the lion’s share at $187 million (94% of overall inflows).
This week in Fund Flows, by @jbutterfill:
A sharp shift to bullishness among investors, injecting US$199m in digital asset investment products.
This marks the largest single weekly inflow since July ’22, correcting almost half of 9 consecutive weeks of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU
— CoinShares (@CoinSharesCo) June 26, 2023
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 ( $110,171.00 ) 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 ( $110,171.00 ) ETFs in June.
While the uptick in Bitcoin ( $110,171.00 ) inflows managed to have a small knock-on effect for Ether (ETH) — 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 (
$1.46 ) ( XRP ( $1.46 ) ) and Solana (SOL) in the amounts of $240,000 and $170,000, respectively.
Related: Binance reverses decision to delist privacy coins in Europe
Bitcoin ( $110,171.00 ) futures fund BITO — the ProShares Bitcoin ( $110,171.00 ) 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 ( $110,171.00 ) 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 ( $110,171.00 ) 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.
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