Amidst the regulatory scrutiny and enforcement actions faced by the cryptocurrency industry, Bitcoin (BTC), the leading cryptocurrency by trading volume, has remained resilient and maintained its consolidation level between $36,000 and $37,000. It reached a new record for the year, surging to a new yearly high of $38,390 on Friday.
$312 Million Inflows Amid Spot-Based ETF Expectations
The latest report from CoinShares provides further evidence of Bitcoin’s robustness. Despite concerns that the regulatory feud involving Binance might trigger a sell-off of BTC, the report reveals a significant influx of capital into digital asset investment products.
Last week, these products witnessed a notable inflow of $346 million, marking the largest weekly inflows observed during a nine-week consecutive run.
The CoinShares report highlights that the surge in inflows can be attributed to the anticipation surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, which has been eagerly awaited by investors but delayed by the US Securities and Exchange Commission (SEC).
Interestingly, this surge is the largest since the bull market of late 2021. CoinShares reports that the combination of rising prices and inflows has pushed total Assets Under Management (AuM) to $45.3 billion, the highest level seen in over a year and a half.
Bitcoin’s inflows last week amounted to $312 million, bringing year-to-date inflows to just over $1.5 billion. Meanwhile, short-sellers are capitulating, with outflows totaling $0.9 million for the third consecutive week.
Since the peak in April 2023, AuM has declined by 61%. The use of exchange-traded Products (ETPs) to gain exposure to the asset class remains significant, with ETP volumes representing 18% of total spot Bitcoin volumes last week.
Ethereum (ETH) also experienced a positive shift in sentiment, with inflows of $34 million last week and a four-week run of $103 million. This marks a turnaround from the outflows observed earlier this year.
Furthermore, other cryptocurrencies such as Solana (SOL), Polkadot (DOT), and Chainlink (LINK) saw inflows totaling $3.5 million, $0.8 million, and $0.6 million, respectively.
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