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Record-breaking Week for Bitcoin ETFs as Investors Pour in $1.1 Billion, According to CoinShares

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Discover the latest news in the world of cryptocurrency as CoinShares reports a significant $1.1 billion influx in spot bitcoin ETFs. Stay informed and stay ahead of the game with the latest insights on digital currency investments.

Spot bitcoin exchange-traded products launched in January led crypto investment products with the largest inflows last week, crypto asset manager CoinShares said in a report on Monday.

Bitcoin ETFs saw $1.1 billion of inflows last week for a cumulative total of $2.8 billion since their launch on Jan. 11, CoinShares said. That’s the highest weekly inflow level since the inception of bitcoin spot ETFs, according to The Block’s data.

Since January, the new ETFs have collectively amassed over 192,000 BTC in their custody.

BlackRock and Fidelity have been leading the pack with $693.6 million and $522.6 million of inflows last week, respectively, according to CoinShares. Bitcoin-related products received the vast majority of inflows, with Ethereum and Cardano trailing behind in second and third place.

Assets under management 

Products allowing traders to short bitcoin, on the contrary, saw minor outflows of $0.4 million last week.

Total assets under management for crypto investment products reached the highest point since early 2022 at $59 billion, according to CoinShares’ data.

This article provides insight into the recent trends in the crypto investment market, showcasing the growing popularity and influx of funds in bitcoin-related exchange-traded products. With the continuous rise in assets under management, it signifies a strong investor interest in the crypto market, particularly in bitcoin and affiliated products. As the landscape of digital assets continues to evolve, these developments shed light on the increasing significance of cryptocurrency investment in the financial sector.

Disclaimer: The Block delivers news, research, and data as an independent media outlet. The content provided is for informational purposes only and does not constitute legal, tax, investment, financial, or other advice. © 2023 The Block. All Rights Reserved.

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