CoinShares’ latest weekly inflow report indicates a significant increase in investor appetite for digital asset investment products, with Bitcoin leading the rally. The report shows the largest weekly inflow for digital asset investment products since July 2022, totaling $199 million, with Bitcoin representing 94% of overall inflows. CoinShares analysts attribute the reversal to increasing activity from exchange-traded product (ETP) issuers in the ETF space. The recent surge in activity surrounding ETFs is largely attributed to institutional interest, with BlackRock and Fidelity Investments filing for spot Bitcoin ETFs in June. While there was a small knock-on effect for Ether, there was no sign of follow-through for altcoins. Bitcoin futures fund BITO also made waves with its largest weekly inflow in a year, a $65.3 million haul, bringing its assets up to $1 billion. These rallies come after Bitcoin dropped below $25,000 in June for the first time since mid-March after the United States Securities and Exchange Commission leveled separate lawsuits against Binance and Coinbase alleging improprieties. Last week’s Bitcoin high of $31,431 not only snapped a nine-week outflows streak for crypto assets but also set three new all-time national cryptocurrency-based records.
