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Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year
The total digital asset inflows was $199 million, reversing nearly half of the previous nine consecutive weeks of outflows.
Updated Jun 26, 2023, 7:14 p.m. Published Jun 26, 2023, 4:50 p.m.
Digital asset investment products witnessed the largest single weekly inflows in a year - mostly dominated by bitcoin-related products - after nine consecutive weeks of outflows, according to a report from European digital asset manager CoinShares.
Bitcoin-related products were the primary asset for inflows, seeing $188 million in total, representing 94% of the total flows. Short-bitcoin products saw total outflow of $4.9 million, for the ninth consecutive week, according to the report.
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This comes after a number of high profile institutions filed for exchange traded funds (ETF) last week and bitcoin price hit one-year high. Asset management giant BlackRock filed an application to roll out a spot bitcoin ETF on June 15. There were also re-filings for similar products by well-known TradFi firms such as Invesco and WisdomTree.
“We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the U.S. Securities & Exchange Commission,” the report said.
Read more: A Straightforward Explanation for Why Financial Giants Want to Issue a Spot Bitcoin ETF
The inflows totalled $199 million, which reversed almost half of the prior nine consecutive weeks of outflows. The report noted that Exchange Traded Product (ETP) trading volumes totalled $2.5 billion for the week.
Meanwhile, Ethereum saw inflows of $7.8 million, representing only 0.1% of assets under management (AUM), relative to bitcoin's inflows of 0.7%, demonstrating less of an appetite for ethereum than bitcoin at present.
However, the positive sentiment didn’t flow through into altcoin investments, according to the report. “This turn in sentiment didn’t trickle down to altcoins with only very minor inflows into XRP and Solana totalling $0.24m and $0.17m respectively. But the improved sentiment did encourage some investors to buy multi-asset investment ETPs, with $8m inflows last week,” the CoinShares report added.
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What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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