Bitcoin ETPs See $312 Million Inflows in Latest Week
Bitcoin exchange-traded products (ETPs) received $312 million in inflows for the week of November 24, bringing the total inflows for the year to about $1.5 billion, according to CoinShares. This continues a nine-week trend of positive net flows, with total weekly inflows for all cryptocurrencies amounting to $346 million.
Inflows Seen as Bullish Indicator for Crypto Market
Inflows into crypto ETPs are considered a bullish sign for the overall crypto market, while outflows are seen as bearish. Prior to September 25, these ETPs experienced outflows for several weeks. However, since then, they have consistently seen weekly inflows, with the amount of inflows increasing over time. The week ending on November 24 recorded the highest inflows during this nine-week period.
Canadian and German ETPs Lead Inflows
CoinShares reported that Canadian and German ETPs accounted for the majority of inflows at 87% for the week. In contrast, inflows from the United States were relatively subdued at $30 million.
Crypto Funds Reach Highest Assets Under Management in 18 Months
The total assets under management for crypto funds now stand at $45.4 billion, marking the highest level in 18 months.
Optimism Surrounds Approval of US Spot Bitcoin ETF
CoinShares speculates that the recent influx of funds may be influenced by growing optimism regarding the approval of a US spot Bitcoin exchange-traded fund (ETF). BlackRock and Grayscale recently met with the US Securities and Exchange Commission to make progress towards this goal.
Hot Take: Bitcoin ETPs Continue to Attract Significant Inflows
The week of November 24 saw a surge in inflows for Bitcoin exchange-traded products, bringing the total year-to-date inflows to $1.5 billion. This trend of positive net flows has been ongoing for nine weeks, indicating a bullish sentiment in the market. Canadian and German ETPs led the way in terms of inflows, while US inflows remained relatively modest. The increasing assets under management for crypto funds, reaching a level not seen in 18 months, further supports the growing interest in cryptocurrencies. With optimism surrounding the approval of a US spot Bitcoin ETF, it seems that the demand for crypto ETPs will continue to rise.
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