“Bitcoin’s bullish momentum fuels investor confidence, propelling crypto investment products to a remarkable surge, marking the highest inflows in over 15 months.”
Inflows into digital asset investment products reached a 15-month high last week, according to new data from CoinShares. The report showed that inflows hit $326 million, with 90% of the total going into bitcoin (BTC). The spike in inflows is attributed to market optimism surrounding the potential approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This ETF would provide investors with exposure to BTC without directly owning the digital asset. CoinShares believes that the recent surge in inflows is a result of rising investor confidence in the approval of the spot-based Bitcoin ETF. Earlier this month, BTC surged above $30,000 on a false rumor about the approval of a spot bitcoin ETF. Bitcoin has since settled at $34,460. Solana (SOL), the native token of a decentralized application platform, also saw strong inflows with $24 million. On the other hand, ether (ETH) experienced $6 million in outflows, and multi-asset products were down $5.2 million. Overall, the data indicates growing interest and investment in digital assets, particularly bitcoin, driven by the potential for a spot bitcoin ETF.
