Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak
Bitcoin (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto amid growing anticipation of a spot Bitcoin exchange-traded fund (ETF) approval in the United States.
A total of $1.76 billion of investors’ funds have flowed into crypto products over 10 weeks, making up the most significant inflows over such a period since October 2021 when Bitcoin futures launched, according to a Dec. 4 report from CoinShares’ head of research James Butterfill.
Record inflows! Last 10 weeks now total U$1.76bn inflows, the highest on record since October 2021’s futures-based ETF launch in the US.
Week 49 inflows: U$176 million
– #Bitcoin –$BTC: U$133m inflowsShort Bitcoin: US$3.6m inflowsTrading volumes in ETPs remain… pic.twitter.com/Elon1F2pHl
— CoinShares (@CoinSharesCo) December 4, 2023
CoinShares’ weekly reports over the past 10 weeks show that at least $1.44 billion of inflows went to Bitcoin investment products over the period, with the price of Bitcoin jumping from $26,600 to $37,700 during the period.
Meanwhile, the week ending Dec. 1 saw $176.3 million worth of inflows into crypto investment products. Bitcoin investment products were the “main beneficiary,” said Butterfill, recording $132.8 million of inflows over the past week, while Ether (ETH) and Solana (SOL) products tallied $30.8 million and 4.3 million, respectively.
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The inflows come as spot Bitcoin ETF applications are inching closer toward potential approval in the United States.
Some Bitcoin futures-based products could be reaping benefits of the recent excitement over approvals, said James Edwards, a cryptocurrency analyst at fintech firm Finder, in a previous interview with Cointelegraph.
“Early signs are that institutional investors are already speculating on the ETF approval, with inflows to existing Bitcoin futures ETFs like ProShares BITO ramping up in the past few days to break 2021 records.”
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