$708,000,000 in Institutional Money Hits Bitcoin (BTC) and Crypto ETPs in One Week: CoinShares
Digital assets manager CoinShares says institutions are pouring money into crypto exchange-traded products (ETPs) to the tune of $708 million weeks after the U.S. Securities and Exchange Commission (SEC) approved spot BTC exchange-traded funds (ETFs).
In its latest Digital Asset Fund Flows report, CoinShares finds that crypto investment products saw massive inflows last week as Grayscale outflows slowed down a bit.
“Digital asset investment products saw large inflows totaling $708 million last week, bringing year-to-date inflows to US$1.6bn and total global assets under management to $53 billion.
Trading volumes in ETPs fell to $8.2 billion compared to the prior week total of $10.6 billion, although remain well above the $1.5 billion week average in 2023.”
Recently issued US-based ETFs enjoyed inflows of $1.9 billion over the last four weeks, according to the data. Such ETFs have seen nearly $7.7 billion in inflows since their approval by the SEC last month.
“This has been offset by outflows from incumbent issuers, which total $6 billion, but data highlights a significant reduction in momentum of these outflows in recent weeks.”
BTC products saw the overwhelming majority of the inflows at $703 million, while Ethereum (ETH) products suffered $6.4 million in losses. ETH-rival Avalance (AVAX) lost $1.3 million of outflows, while Solana (SOL) products brought in $13 million worth of inflows.
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The post $708,000,000 in Institutional Money Hits Bitcoin (BTC) and Crypto ETPs in One Week: CoinShares appeared first on The Daily Hodl.
