“Digital asset investment products saw inflows totalling US$346m last week, the largest weekly inflows in this 9 consecutive week run,” the statement noted.
Bitcoin ETF Hype Sparks Crypto Investment Surge
According to the recent report, Bitcoin had inflows of $312 million last week. The total inflows for 2023 so far is $1.5 billion. It was declared that the hype around Bitcoin exchange-traded funds (ETF) has led to a record-breaking week for inflows of funds.
“ETF Anticipation Fuelling the Largest Surge in Inflows Since Late 2021.”
Flow by Asset (US$m). Source: Coinshares
Excitement surrounding the imminent approval of a Bitcoin ETF reportedly triggered the rise in crypto inflows:
“This run, spurred by anticipation of a spot-based ETF launch in the US, is the largest since the bull market in late-2021. The combination of price rises and inflows have now pushed up total assets under management (AuM) to US$45.3bn, the highest in over 1 & ½ years.”
Bitcoin ETF Speculation Rises
This comes amid several reports of industry leaders speculating over the approval of Bitcoin ETFs.
Pantera Capital’s Dan Morehead outlined his belief of the importance of a Bitcoin ETF.
“The existence of an ETF is a very important step in becoming an asset class,” he said before adding, “Once an ETF exists, if you don’t have exposure, you’re effectively short.”
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