Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak

1 year ago

Nearly $1.8 cardinal flowed into crypto concern products implicit the past 10 weeks, which hasn’t been seen since Bitcoin futures were launched successful October 2021.

Bitcoin the ‘main beneficiary’ arsenic  crypto funds notch 10-week streak

Bitcoin (BTC)-related concern products person go the “main beneficiary” of caller capitalist involvement  in crypto, amid increasing anticipation of a spot Bitcoin ETF support successful the United States.

A full of $1.76 cardinal of investors’ funds person flowed into crypto products implicit a 10-week period, making up for the largest inflows implicit specified a play since October 2021 — erstwhile Bitcoin futures w launched, according to a Dec. 4 study from CoinShares’ caput of probe James Butterfill.

Record inflows! Last 10 weeks present full U$1.76bn inflows, the highest connected grounds since October 2021’s futures-based ETF motorboat successful the US.

Week 49 inflows: U$176 million

#Bitcoin
$BTC: U$133m inflows
Short Bitcoin: US$3.6m inflows
Trading volumes successful ETPs remain… pic.twitter.com/Elon1F2pHl

— CoinShares (@CoinSharesCo) December 4, 2023

CoinShares’ play reports implicit the past 10 weeks shows astatine slightest $1.44 cardinal of inflows went to Bitcoin concern products implicit the period, arsenic the terms of Bitcoin has gained from $26,600 to $37,700 connected Dec. 1.

Meanwhile, the latest week ending Dec. 1 saw $176.3 cardinal worthy of inflows into crypto concern products. Bitcoin (BTC) concern products were the “main beneficiary,” said Butterfill, recording $132.8 million of inflows implicit the past week, portion Ether (ETH) and Solana (SOL) products tallied $30.8 cardinal and 4.3 million, respectively.

Digital plus flows (in millions) week by week successful 2023. Source: CoinShares

Related: Bitcoin prices should ‘logically’ close successful January, but crypto’s a ‘wild card’

The inflows travel arsenic spot Bitcoin ETF applications are inching person toward imaginable support successful the U.S.

Some Bitcoin futures-based products could beryllium reaping benefits of the caller excitement implicit approvals, said James Edwards, cryptocurrency expert astatine fintech steadfast Finder successful a erstwhile interrogation with Cointelegraph.

"Early signs are that organization investors are already speculating connected the ETF approval, with inflows to existing Bitcoin futures ETFs similar ProShares BITO ramping up successful the past fewer days to interruption 2021 records.”

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