In particular, investor interest in digital assets Bitcoin– has not budged as $1.84 billion flowed into crypto investment products last week. Of this staggering sum, $1.73 billion was “digital gold.”
According to European digital asset manager CoinShares, last week was actually the second-largest week of inflows into such products on record. The biggest week of inflows was in February, when investors clogged 2.45 billion US dollars will flow into such funds.
The primary driver of such huge inflows continues to be the newly approved and extremely popular spot Bitcoin exchange-traded funds (ETFs).
According to CoinShares, the majority of this money went into BlackRock's iShares Bitcoin Fund – one of the ten Bitcoin ETFs currently trading in the US According to its website, the fund currently manages over $10 billion in assets.
Last week, iShares had its best trading day as over $1.3 billion worth of shares changed hands.
In January, the Securities and Exchange Commission (SEC) gave the green light to 11 spot Bitcoin ETFs. 10 are currently trading on US exchanges.
Such funds – which the SEC blocked for a decade – give investors the opportunity to put money into Bitcoin without holding it themselves.
They simply buy stocks that reflect the underlying price of the asset, while fund managers – like BlackRock and Fidelity – buy and hold the digital coins.
CoinShares added that funds that give investors exposure to Ethereum, the second-largest digital asset, last week received their largest weekly inflows since July 2022 – a total of $85 million.
Bitcoin is now quickly approaching its November 2021 all-time high of $69,044. The price is currently $67,348 and has increased by almost 57% in 30 days. after to CoinGecko.
Ethereum is also booming and is currently at $3,558 – up 55% in the last 30 days.
Edited by Ryan Ozawa.
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