Key Points
- CoinShares’ James Butterfill reveals that crypto products saw inflows of $1.05 billion last week.
- Bitcoin trades above $68,000 following a recent price dip.
CoinShares’ head of research, James Butterfill, revealed in a new blog post that digital asset investment products saw inflows for the third week in a row, of $1.05 billion.
According to the blog post, the cumulative flows represent an all-time record of $14.9 billion for the year so far. Most of the inflows were in Bitcoin ETFs which saw $1.01 inflows during the past week.
Ethereum saw inflows of $36 million during the past week, which was the highest number since March, and an obvious reaction to the approval of the Ethereum ETF listing in the US.
Crypto investment products inflows detailed
The weekly ETP trading volumes have risen by 28% to $13.6 billion, according to CoinShares.
Regionally, the flows were focused mainly on the US which saw $1.03 billion of inflows. Grayscale saw outflows subside to $15 million for the past week.
Germany and Switzerland saw inflows of $48 million and $30 million, respectively. Since the positive launch of BTC ETFs in Hong Kong, there have been more outflows during the past week of $29 million.
Most of the inflows were in Bitcoin ETPs which saw $1.01 billion last week, and short Bitcoin suffered another week of outflows totaling $4.3 million. This suggests that the sentiment is turning positive despite the recent price rises.
Bitcoin trades above $68k
At the moment of writing this article, BTC is trading above $68,000, following a di below the important mark.
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Despite the price drop for Bitcoin, according to QCP Capital trading firm, the price move does not challenge the larger upward trend of BTC’s price.
They reassured investors that there is no need to worry about the price moves triggered by the movement of coins from wallets associated with the now-defunct exchange Mt. Gox. The price volatility experienced by BTC today does not trigger a reevaluation of the market’s course.
The firm explains that such “supply anxiety” episodes are likely to be mere “blips” in a broader upward trend that will continue until the end of the year.
Earlier today, BTC’s price fell below $68,000 as wallets labeled as belonging to Mt. Gox moved BTC worth over $9 billion to an unknown address.