Bitcoin-based digital asset investment products led inflows into crypto funds last week, the largest since July 2022.
Crypto funds saw the largest single-week inflow last week since July 2022, according to CoinShares data, with over $326 million coming in.CoinShares said the increased inflow was driven by rising optimism from investors that the Securities and Exchange Commission seemed poised to approve a spot bitcoin ETF.
Although inflows were higher that they've been in recent months, CoinShares said the amount ranked as only the 21st largest on record. "This suggests continued restraint amongst investors, although we do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective," analysts from CoinShares added.CoinShares analysts pointed to a "significant" inflow of $24 million into Solana last week.
The report added that although other altcoins saw positive net inflows, "this optimism did not include ether which saw another $6 million of outflows." Ether-based funds have seen a net outflow of over $10 million in the past month, and $125 million year-to-date. Bitcoin has retraced some of last-week's gains, down 1.2% in the past 24 hours. The world's largest digital asset by market capitalization was changing hands for $34,357 at 2:30 p.m. ET, according to CoinGecko.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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