Inflows into crypto investment products rose to a 15-month high amid the recent optimism surrounding the anticipated approval spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S.
In its latest weekly report, CoinShares revealed that crypto investment products recorded an inflow of $326 million last week, its largest since July 2022.
This influx marks the fifth consecutive week of investments in crypto products. As a result, the inflow from the previous week has elevated the month-to-date total to approximately $484 million. Furthermore, it has driven the overall assets under management to $37.8 billion, its highest point since May 2022.
James Butterfill, CoinShares’ senior analyst, attributed this period of sustained inflows to the “rising optimism from investors that the US Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF.”
“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.”
Bitcoin, Solana win as Ethereum continues to record outflows
The report stated that Bitcoin and Solana (SOL) products continue to attract notable investments from investors, while Ethereum faces its third consecutive week of capital outflows.
Bitcoin remains the primary beneficiary of the inflow, raking in $296 million, which constitutes about 90% of the total investment for the past week. Furthermore, short BTC investment products also saw inflows of around $15 million as the top digital asset’s recent improved price performance attracted investors who think the rally might not continue.
Meanwhile, Solana continues challenging Ethereum’s dominance as the preferred altcoin for investors, recording a $24 million inflow last week. On the other hand, ETH saw outflows amounting to $6 million, taking its year-to-date flow to -$125 million.
Despite the buzz surrounding the launch of a spot Bitcoin ETF in the U.S., the country contributed only $38…