Total Crypto Inflows Reach Three-Month High
The latest Coinshares report reveals that crypto inflows for the past week have been the highest in the last three months, indicating a bullish sentiment in the market. Inflows for digital asset investment products totaled $346 million, marking the largest weekly inflows in nine consecutive weeks.
Bitcoin ETF Hype Drives Investment Surge
The report highlights that Bitcoin had inflows of $312 million last week, with a total of $1.5 billion inflows in 2023 so far. The anticipation surrounding Bitcoin exchange-traded funds (ETFs) has fueled a record-breaking week for fund inflows.
ETF Anticipation Fuelling the Largest Surge in Inflows Since Late 2021.
Excitement about the imminent approval of a Bitcoin ETF has reportedly triggered the increase in crypto inflows. The combination of price rises and inflows has pushed up total assets under management to $45.3 billion, the highest in over one and a half years.
Bitcoin ETF Speculation Grows
Industry leaders have been speculating about the approval of Bitcoin ETFs. Dan Morehead from Pantera Capital emphasized the significance of an ETF in establishing Bitcoin as an asset class. He stated, “The existence of an ETF is a very important step in becoming an asset class. Once an ETF exists, if you don’t have exposure, you’re effectively short.”
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
Hot Take: Bullish Sentiment Driven by Record-Breaking Crypto Inflows
The recent surge in crypto inflows, particularly in Bitcoin, points to a growing bullish sentiment in the market. The anticipation surrounding the approval of Bitcoin ETFs has sparked a surge in investment, leading to the highest weekly inflows in the past nine weeks. This trend demonstrates the increasing acceptance and recognition of cryptocurrencies as an investment asset class. As more institutional and retail investors seek exposure to digital assets, the total assets under management continue to rise, reaching the highest level in over one and a half years. The potential approval of Bitcoin ETFs is expected to further drive crypto market growth and adoption.
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