According to CoinShares’ latest weekly inflow report, digital asset investment products experienced the largest weekly inflow since July 2022, with a total of $199 million. Bitcoin dominated the rally, representing 94% of overall inflows at $187 million.
The reversal in trend is attributed to increasing activity from exchange-traded product (ETP) issuers in the ETF space, as they have filed for physically-backed ETFs with the US Securities & Exchange Commission. This positive sentiment has led to institutional interest in ETFs, resulting in a small knock-on effect for Ether (ETH), whose inflows increased to $7.8 million.
However, there was little to no positive movement for altcoins, except for trickling inflows for XRP and Solana (SOL). The ProShares Bitcoin Strategy ETF also saw its largest weekly inflow in a year, with a $65.3 million haul bringing its assets up to $1 billion. These rallies come after Bitcoin dropped below $25,000 in June for the first time since mid-March, following separate lawsuits against Binance and Coinbase alleging improprieties by the United States Securities and Exchange Commission.
Categories:
- Cryptocurrency
- Investment
- Exchange-Traded Funds