Inflows into Bitcoin investment products reach $1.5B year-to-date

Bitcoin (BTC) exchange-traded products (ETPs) registered $312 cardinal successful inflows for the week of Nov. 24, bringing year-to-date inflows to astir $1.5 billion, according to CoinShares. The play inflows for each cryptocurrencies totalled $346 million, continuing a nine-week inclination of affirmative nett flows.

Crypto ETPs acquisition inflows erstwhile their shares commercialized supra the prices of their underlying assets, whereas they acquisition outflows erstwhile their shares commercialized beneath the worth of their underlying assets. For this reason, inflows are often seen arsenic a bullish indicator for the wide crypto market, whereas outflows are often seen arsenic bearish.

Before Sept. 25, crypto ETPs had experienced outflows for respective weeks, according to the report. But opening successful the week of Sept. 25-29, the assemblage began experiencing sustained play inflows. The magnitude of inflows besides accrued implicit time. The week ending Nov. 24 saw the largest inflows of the full nine-week period.

Weekly crypto plus flows for the 47 weeks ending November 24. Source: Coinshares.

Coinshares stated that Canadian and German ETPs made up the largest information of inflows for the week astatine 87%. U.S. inflows were subdued astatine $30 million.

Crypto funds arsenic a full present person $45.4 cardinal successful assets nether absorption (AuM), the highest successful 18 months. 

In a erstwhile report, CoinShares speculated that these caller inflows may beryllium influenced by increasing optimism that a U.S. spot Bitcoin ETF volition beryllium approved. On Nov. 22, Blackrock met with the U.S. Securities and Exchange Commission (SEC) successful an effort to make advancement toward this goal. Grayscale met with the SEC for akin reasons.