Largest Weekly Influx of Capital into Digital Asset Investment Products Since July 2022
A recent increase in activity related to exchange-traded funds has resulted in the largest weekly influx of capital into digital asset investment products since July 2022, according to a June 26 report from CoinShares.
Totaling $199 million, the week of 19–23 June saw a reversal of the nine-week streak of outflows, with Bitcoin (BTC) making up the majority of the inflows at a total of $187 million (94% of the total).
Analysts from CoinShares attributed the reversal of the trend to the increased activity of ETP issuers in the ETF sector.
Last week, Bitcoin surged to a 2023 high of $31,431, as reported by Cointelegraph on June 23. This surge was largely credited to institutional interest in ETFs, with both BlackRock and Fidelity Investments submitting applications for Bitcoin ETFs in June.
Bitcoin, Ether, and Altcoin Inflows
The influx of Bitcoin had a minor influence on Ether (ETH) inflows, which rose to $7.8 million, yet there was no subsequent growth for altcoins, aside from slight inflows of $240,000 and $170,000 for XRP and Solana (SOL) respectively.
Binance has reversed its choice to remove privacy coins from its platforms in Europe.
BITO, the ProShares Bitcoin Strategy ETF, made headlines last week with its biggest weekly inflow in a year, an influx of $65.3 million that raised its total assets to $1 billion.
Subsequent to the United States Securities and Exchange Commission filing separate complaints against Binance and Coinbase for alleged violations, these rallies occurred after Bitcoin dipped below $25,000 in June for the first time since mid-March.
Last week’s peak Bitcoin price of $31,431 not only broke a nine-week streak of crypto asset outflows, but also established three new all-time highs for national cryptocurrencies. As reported by Cointelegraph on June 25, Argentina, Venezuela, and Lebanon all witnessed Bitcoin reach its highest value ever against their respective currencies.
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