Bitcoin has been the ‘main beneficiary’ for cryptocurrency funds for the 10th week in a row.
Bitcoin (BTC)-related investment products have become a “major beneficiary” of recent investor interest in cryptocurrencies amid growing expectations of the approval of a spot Bitcoin ETF in the United States.
According to a December 4 report from CoinShares, a total of $1.76 billion in investor funds flowed into cryptocurrency products over a 10-week period, the largest inflow for that period since October 2021 when Bitcoin futures were launched. occupied. James Butterfill, Director of Research.
Record the inflow! Total inflows over the past 10 weeks totaled $1.76 billion, the highest since the launch of the US futures-based ETF in October 2021.
Week 49 inflows: U$176 million
– #Bitcoin –
$BTC: U$133m inflow
Bitcoin Sell: USD 3.6 Million Inflow
ETP trading volume is still… pic.twitter.com/Elon1F2pHl— CoinShares (@CoinSharesCo) December 4, 2023
CoinShares’ weekly report for the past 10 weeks shows that at least $1.44 billion has flowed into Bitcoin investment products over that period, as the price of Bitcoin rose from $26,600 on December 1 to $37,700. .
Meanwhile, in the most recent week ended December 1, $176.3 million worth of funds flowed into cryptocurrency investment products. Butterfill recorded an inflow of $132.8 million last week with Bitcoin (BTC) investment products being the ‘main beneficiary’, while Ethereum (ETH) and Solana (SOL) products recorded $30.8 million and $4.3 million, respectively. He said it was recorded.
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These inflows come as applications for spot Bitcoin ETFs inch closer to possible approval in the United States.
James Edwards, a cryptocurrency analyst at fintech firm Finder, said in a previous interview with Cointelegraph that some Bitcoin futures-based products could benefit from the recent interest in approval.
“Early signs are that institutional investors are already speculating about ETF approval. Inflows into existing Bitcoin futures ETFs such as ProShares BITO have increased over the past few days, shattering 2021 records.”
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