Record inflows into crypto assets
Expectations of approval for Bitcoin ETFs in the US drive crypto asset inflows to their highest level in over a year and a half, with exchange-traded products attracting $346 million last week, led by Canada and Germany.
Topic
The details
The surge comes as major asset managers prepare to launch spot Bitcoin exchange-traded funds,
which could in turn attract more investors to the cryptocurrency.
Overall, the total assets under management in digital asset products rose to $45.3 billion,
the highest level since May 2022.
Ethereum products also saw inflows of $34 million last week,
recouping all outflows since the start of 2023.
Neil Macleod
Commenting on the developments, CoinShares Head of Research Neil Macleod said:
“It looks as though expectations of approval for Bitcoin ETFs in the US are driving crypto asset inflows
to their highest level in over a year and a half.
This trend is likely to continue if the applications are approved,
which could open the door to wider institutional inflows into crypto.”**
Record inflows into crypto assets