- Crypto investment products hit 9-week high of inflows.
- Total inflows for week up to November 24 was $346 million, with $312 million in Bitcoin-related ETP products.
- Ethereum saw $34 million of inflows amid a turnaround in sentiment.
Crypto investment products recorded $346 million in inflows for the week ending November 24, according to a weekly report by digital assets management firm CoinShares.
The report highlights last week’s inflows into crypto exchange-traded products as the “highest total observed in the past 9 weeks of inflows,” CoinShares head of research James Butterfill noted.
According to the analysis, crypto products are on a run of inflows that’s now the biggest since the last bull market. Positive net inflows are likely to continue given the sentiment around the potential approval of a spot-based ETF in the US.
Bitcoin ETPs record $312 million in inflows
As total crypto ETPs inflows hit $346 million, the largest chunk of that went into Bitcoin (BTC) products, with a total of $312 million in weekly inflows. The figure pushed the inflows count for the flagship cryptocurrency $1.5 billion year-to-date. Meanwhile, short bitcoin products saw outflows of $0.9 million.
🟢 New record of inflows with US$346m this week, the highest total observed in the past 9 weeks of inflows.
– #Bitcoin –
🟢 $BTC: US$312m inflows (year-to-date inflows US$1.5bn)
🔴 Short Bitcoin: US$0.9m outflows🔎 ETP volumes as a percentage of total spot Bitcoin volumes… pic.twitter.com/gMUPzTy0q4
— CoinShares (@CoinSharesCo) November 27, 2023
Elsewhere, altcoins continued to experience a resurgence in inflows. Ethereum (ETH) registered a total of $34 million in inflows for the week, while Solana (SOL), Polkadot (DOT) and Chainlink (LINK) saw $3.5 million, $0.8 million and $0.6 million respectively.
Ethereum is on a 4-week run totalling $103 million, CoinShares noted, a scenario that sees the world’s second largest cryptocurrency by market cap nearly flip the run of outflows see in 2023. The CoinShares team attributes this to a “decisive turn-around in sentiment”, probably informed by recent events including the filing of a spot Ethereum ETF by BlackRock.
Last week’s inflows have pushed total assets under management in crypto funds to $45.4 billion. It’s the the highest level since May last year.
Total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.
The post Inflows into crypto investment products hit 9-week high of $346M appeared first on CoinJournal.
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Author: Benson Toti
