Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak
Nearly $1.8 billion flowed into crypto investment products over the last 10 weeks, which hasn’t been seen since Bitcoin futures were launched in October 2021.
Bitcoin (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto, amid growing anticipation of a spot Bitcoin ETF approval in the United States.
A total of $1.76 billion of investors’ funds have flowed into crypto products over a 10-week period, making up for the largest inflows over such a period since October 2021 — when Bitcoin futures launched, according to a Dec.
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 inflows
Short Bitcoin: US$3.6m inflows
Trading volumes in ETPs remain… pic.twitter.com/Elon1F2pHl— CoinShares (@CoinSharesCo) December 4, 2023
CoinShares’ weekly reports over the past 10 weeks shows at least $1.44 billion of inflows went to Bitcoin investment products over the period, as the price of Bitcoin has gained from $26,600 to $37,700 on Dec.
Meanwhile, the latest week ending Dec. Bitcoin (BTC) 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.
Related: Bitcoin prices should ‘logically’ correct in January, but crypto’s a ‘wild card’
The inflows come as spot Bitcoin ETF applications are inching closer toward potential approval in the U.S.
Some Bitcoin futures-based products could be reaping benefits of the recent excitement over approvals, said James Edwards, cryptocurrency analyst at fintech firm Finder in a previous interview with Cointelegraph.
Read more
