Crypto investment products have recorded four weeks of inflows, as the market eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.
Asset management firm CoinShares’ Oct. 23 fund flows report revealed $179 million was added to digital asset investment products in the week ending Oct. 20, which has swelled the space’s assets under management to $33 billion.
Of the past week’s inflows, $55.3 million or 84% went to Bitcoin investment products which has brought year-to-date Bitcoin product inflows to $315 million, it added.
It seems that the anticipation of a spot #Bitcoin ETF has prompted further inflows for the 4th consecutive week. Here is our analysis with @Jbutterfill.
Week 43 inflows: US$66m
Inflows are relatively low in comparison to June’s @BlackRock announcements, suggesting more… pic.twitter.com/6AkDGQJVOh
— CoinShares (@CoinSharesCo) October 23, 2023
CoinShares Head of Research James Butterfill however noted that the recent week’s inflows still haven’t reached the levels seen earlier this year when BlackRock first filed for a spot Bitcoin ETF.
“While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June.”
Butterfill added thaJune’s four-week inflow run saw $807 million enter the sector and the lower inflows recently “are indicative of investors adopting a more cautious approach this time.”
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Author: Jesse Coghlan
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