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 exchange-traded fund (ETF) approval in the United States.
A total of $1.76 billion of investors’ funds have flowed into crypto products over 10 weeks, making up the most significant 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.
— CoinShares (@CoinSharesCo) December 4, 2023
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’ weekly reports over the past 10 weeks show that at least $1.44 billion of inflows went to Bitcoin investment products over the period, with the price of Bitcoin jumping from $26,600 to $37,700 during the period.
Meanwhile, the week ending Dec. Bitcoin 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 United States.
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