Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year

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Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year

Coindesk2023/06/26 19:14

By:Lyllah Ledesma

The total digital asset inflows was $199 million, reversing nearly half of the previous nine consecutive weeks of outflows.

Digital asset investment products witnessed the largest single weekly inflows in a year - mostly dominated by bitcoin-related products - after of outflows, according to a report from European digital asset manager CoinShares.

Bitcoin-related products were the primary asset for inflows, seeing $188 million in total, representing 94% of the total flows. Short-bitcoin products saw total outflow of $4.9 million, for the ninth consecutive week, according to the report.

This comes after a number of high profile institutions filed for exchange traded funds (ETF) last week and bitcoin (BTC) price hit . Asset management giant BlackRock an application to roll out a spot bitcoin ETF on June 15. There were also re-filings for similar products by well-known TradFi firms such as Invesco and WisdomTree.

“We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the U.S. Securities Exchange Commission,” the report said.

The inflows totalled $199 million, which reversed almost half of the prior nine consecutive weeks of outflows. The report noted that Exchange Traded Product (ETP) trading volumes totalled $2.5 billion for the week.

Meanwhile, Ethereum saw inflows of $7.8 million, representing only 0.1% of assets under management (AUM), relative to bitcoin's inflows of 0.7%, demonstrating than bitcoin at present.

However, the positive sentiment didn’t flow through into altcoin investments, according to the report. “This turn in sentiment didn’t trickle down to altcoins with only very minor inflows into XRP and Solana totalling $0.24m and $0.17m respectively. But the improved sentiment did encourage some investors to buy multi-asset investment ETPs, with $8m inflows last week,” the CoinShares report added.

Edited by Aoyon Ashraf.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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