Bitcoin ETPs Register $312M Weekly Inflows, Pushing YTD Total to $1.5B: CoinShares
Summary:
Bitcoin exchange-traded products (ETPs) reported a significant inflow of $312 million for the week ending Nov. 24, pushing the year-to-date inflows to approximately $1.5 billion, CoinShares reports. The week's total cryptocurrency inflows were $346 million, extending a nine-week trend of net positive flows. Notably, crypto ETPs from Canada and Germany dominated the week's inflows. The total assets under management (AuM) in crypto funds have now reached a new 18-month peak of $45.4 billion. CoinShares suggests this trend might be driven by increasing optimism about a potential U.S. spot Bitcoin ETF approval.
Bitcoin-focused exchange-traded products (ETPs) have seen a surge of $312 million for the week ending Nov. 24, escalating the total inflows for the year to roughly $1.5 billion, as reported by CoinShares. Weekly inflows across all cryptocurrencies reached $346 million, extending a nine-week sequence with net positive inflows. This week registered a historic inflow peak of $346m, the highest over the present nine-week inflow course. Short Bitcoin saw negligible outflows of $0.9m.
Crypto ETPs witness inflows when the trading prices of their shares surpass the values of the assets they represent, while outflows occur when the share prices dip below the asset values. Therefore, inflows are generally associated with an optimistic market outlook, while outflows hint at market bearishness. Up until Sept. 25, crypto ETPs had been recording outflows for numerous consecutive weeks, reveals the report. However, starting the week of Sept. 25-29, the sector commenced a continued inflow cycle with an escalating volume over the period. The week closed on Nov. 24 marked the highest inflows throughout the nine-week session.
Crypto asset flows for the past 47 weeks ending on November 24 were also shared. CoinShares pointed out that ETPs from Canada and Germany, contributing 87% to the total, dominated the weekly inflows. Meanwhile, U.S. inflows were marginally shy at $30 million. The total assets under management (AuM) across crypto funds have now reached a new 18-month peak of $45.4 billion.
Previously, CoinShares reasoned the recent inflow peak might be the result of increased hope surrounding the potential approval of a U.S. spot Bitcoin ETF. In sync with this, on Nov. 22, Blackrock held a discussion with the U.S. Securities and Exchange Commission (SEC), aiming at steps toward this direction. Grayscale also engaged in talks with the SEC for identical purposes.
Published At
11/27/2023 7:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.