Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock’s IBIT Leads: CoinShares
Inflows significantly accelerated last week, indicating increasing demand for new spot-based ETFs, CoinShares’ head of research James Butterfill said.
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Inflows significantly accelerated last week, indicating increasing demand for new spot-based ETFs, CoinShares’ head of research James Butterfill said.
New U.S. bitcoin ETFs have amassed $7.7 billion in funds since debut, offsetting the $6 billion outflows from incumbents, according to CoinShares data.
CoinShares said the decision is a direct result of the SEC’s approval of the listing of a spot bitcoin ETF.
A mundane year of flows turned nicely higher in the final quarter of last year as excitement rose surrounding spot bitcoin ETFs.
Crypto investment funds last week attracted their largest inflow this year, extending their strongest run since the 2021 bull market as anticipation for a spot bitcoin [BTC] exchange-traded fund (ETF) continued to entice investors.
The option, which expires at the end of March, gives the company a foothold in the U.S. ETF market as speculation whirls around the approval of a spot bitcoin product.
Ethereum related products witnessed the largest amount of inflows since August 2022.
Bitcoin funds attracted most of the demand, while ether funds saw their largest inflows since August 2022.
Ether-based funds continue to fall out of favor, with outflows for the year now totaling $125 million.