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Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year

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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 CoinSharesCo research. LedesmaLyllah reports.

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.The inflows totalled $199 million, which reversed almost half of the prior nine consecutive weeks of outflows. The report noted that Exchange Traded Product 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 , relative to bitcoin's inflows of 0.7%, demonstratingHowever, 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.

 

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