Spot bitcoin ETFs saw $1.1 billion of inflows last week, CoinShares says

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The Block2024/02/12 19:40

By:The Block

Quick Take Spot bitcoin ETFs dominated the market of crypto investment products last week with $1.1 billion of inflows and the highest AUM since early 2022, CoinShares said.

Spot bitcoin ETFs saw $1.1 billion of inflows last week, CoinShares says image 0

Spot bitcoin exchange-traded products launched in January led crypto investment products with the largest inflows last week, crypto asset manager CoinShares said in a report on Monday.

Bitcoin ETFs saw $1.1 billion of inflows last week for a cumulative total of $2.8 billion since their launch on Jan. 11, CoinShares said. That’s the highest weekly inflow level since the inception of bitcoin spot ETFs, according to The Block’s data.

Since January, the new ETFs have collectively amassed over 192,000 BTC in their custody.

BlackRock and Fidelity have been leading the pack with $693.6 million and $522.6 million of inflows last week, respectively, according to CoinShares. Bitcoin-related products received the vast majority of inflows, with Ethereum and Cardano trailing behind in second and third place.

Assets under management

Products allowing traders to short bitcoin, on the contrary, saw minor outflows of $0.4 million last week.

Total assets under management for crypto investment products reached the highest point since early 2022 at $59 billion, according to CoinShares’ data.

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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