Bitcoin (BTC) investment sentiment turned bullish after the largest weekly inflow of funds in a year

According to a report by European digital asset manager CoinShares, digital asset investment products saw their largest single weekly inflows in a year after nine straight weeks of outflows — mostly dominated by bitcoin-related products.

Bitcoin-related products were the top asset, totaling $188 million, accounting for 94% of total inflows. According to the report, short bitcoin products recorded a total outflow of $4.9 million for the ninth straight week.

This comes after a number of well-known institutions filed an exchange-traded fund (ETF) application last week and Bitcoin (BTC) price hit a yearly high. Asset management giant BlackRock filed an application to launch a spot Bitcoin ETF on June 15. There have also been renewed applications for similar products from well-known TradFi firms such as Invesco and WisdomTree.

“We believe this renewed upbeat sentiment is due to recent announcements by major ETP issuers that have filed with the US Securities & Exchange Commission for physically-backed ETFs,” the report reads.

Inflows totaled $199 million, reversing nearly half of the previous nine straight weeks’ outflows. The report found that exchange-traded products (ETP) trading volume totaled $2.5 billion this week.

Meanwhile, Ethereum saw inflows of $7.8 million, which is just 0.1% of assets under management (AUM), compared to Bitcoin’s inflows of 0.7%, showing demand after Ethereum is currently lower than after Bitcoin.

However, according to the report, the upbeat sentiment has not impacted altcoin investing. “This shift in sentiment hasn’t impacted altcoins, seeing very small inflows into XRP and Solana totaling $0.24M and $0.17M, respectively. But improved sentiment encouraged some investors to buy multi-asset investment ETPs, with $8 million in inflows last week,” the CoinShares report added.

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