Spot Bitcoin ETFs Dominate Crypto Investment Inflows
According to a report by crypto asset manager CoinShares, spot bitcoin exchange-traded products (ETFs) launched in January received the highest inflows among crypto investment products last week. These bitcoin ETFs saw $1.1 billion of inflows, bringing the cumulative total to $2.8 billion since their launch. This marks the highest weekly inflow level since the inception of bitcoin spot ETFs.
Significant Accumulation of BTC
The newly launched ETFs have collectively accumulated over 192,000 BTC in their custody since January. Leading the pack in terms of inflows last week were BlackRock and Fidelity, with $693.6 million and $522.6 million respectively. Bitcoin-related products attracted the majority of inflows, while Ethereum and Cardano followed in second and third place.
Total Assets Under Management Reach Highest Point
CoinShares’ data shows that total assets under management for crypto investment products reached a peak of $59 billion, the highest since early 2022. However, products allowing traders to short bitcoin experienced minor outflows of $0.4 million last week.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.