Last week’s inflows into digital asset investment products hit a level not seen in 15 months.

The inflows into such vehicles hit $326 million, according to CoinShares data — the most since July 2022. Bitcoin products saw 90% of the inflows.

The move comes amid a persistent rally in the price of bitcoin. James Butterfill, CoinShares head of research, attributed the inflows spike in part to improving sentiment around the prospect of the US Securities and Exchange Commission greenlighting a spot bitcoin ETF.

“While positive for Bitcoin, this weekly inflow ranks as only the 21st largest on record, suggesting continued restraint amongst investors,” Butterfill said in a Monday blog post. “Although we do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective.”

The price of bitcoin (BTC) was roughly $34,650 at 9:30 am ET Monday — up about 13% from seven days ago.

Issuers, such as asset management giant BlackRock, have been amending their bitcoin ETF filings in recent weeks as part of efforts segment observers have said likely points to ongoing dialogue with the SEC.

Read more: Is bitcoin’s ETF-fueled rally to $35K premature? Well, maybe

Last week’s $326 million in inflows marked the fifth consecutive week of net asset gains into such offerings. Total assets within crypto investment products stand at $37.8 billion, according to CoinShares, which is the most since May 2022.

Inflows into Canada-and Germany-based products were highest, at $134 million and $82 million, respectively. Just 12% of the flows were from the US — “presumably as investors wait for the spot-based ETF,” Butterfill said.

The SEC is set to allow or block a planned spot bitcoin ETF proposed by Ark Invest and 21Shares by Jan. 10. Industry watchers have said the regulator could also choose to rule on similar proposals by BlackRock, Fidelity and a range of other firms at that time.

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