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Bitcoin exchange-traded funds (ETFs) raked in $1.35 billion last week as BTC-centric funds recorded their fifth-best week on record, per data from CoinShares.
According to the latest weekly report from the crypto exchange-traded products (ETPs) provider, about $1.44 billion worth of assets poured into such crypto funds across the market, bringing the year-to-date total to a record $17.8 billion and putting even more distance between 2021’s previous record of $10.6 billion.
Bitcoin dominated the crypto fund inflows, as noted, which is usually the case—and $1.3 billion of the total inflows for digital asset funds across the market came from U.S. investors. Last week’s broader inflows tripled the mark of $441 million seen the week prior, which was the first positive week for crypto fund flows after three weeks of losses.
Per supporting data from Farside Investors, U.S. spot Bitcoin ETFs saw a full week of daily inflows last week, with over $310 million in net inflows on Friday alone—their highest level for over a month.
Meanwhile, CoinShares figures show that Ethereum racked up inflows of around $72 million ahead of the imminent approval of spot ETFs in the United States. Altcoins such as Avalanche, Solana, and Chainlink also enjoyed bullish sentiment, with Solana funds seeing about $4.4 million in inflows, while Avalanche and Chainlink funds pulled in $2 million and $1.3 million respectively.
In a blog post, CoinShares head of research James Butterfill cited “price weakness” as a result of the German government’s Bitcoin sales, along with “a turnaround in sentiment due to lower than expected CPI in the US prompted investors to add to positions,” as driving the record inflows.
Last week, the German government concluded its sale of seized Bitcoin from wallets managed by the country’s Federal Criminal Police Office, known locally as the Bundeskriminalamt or BKA.
Crypto whales scooped up some $4.3 billion worth of BTC amid selling pressure from the German government’s Bitcoin stash, while analysts noted that there are now around $2.4 billion worth of leveraged BTC positions between $58,000 and $62,000, suggesting bullish sentiment as Bitcoin regains momentum.
Edited by Andrew Hayward and Stephen Graves
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/239812/bitcoin-etfs-continue-rebound-weekly-gains
