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Crypto investment products see largest weekly inflow since July 2022

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The latest CoinShares Digital Asset Fund Flows Weekly Report brings some positive news, as Bitcoin-led inflows set a near one-year high, snapping a nine-week outflows streak.

CoinShares analysts attributed the reversal to increasing activity from exchange-traded product issuers in the exchange-traded fund space:

“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 US Securities & Exchange Commission.”on June 23, Bitcoin reached a 2023 high of $31,431 last week — movement that was largely attributed to institutional interest in ETFs, with both BlackRock and Fidelity Investments filing for spot Bitcoin ETFs in June.

While the uptick in Bitcoin inflows managed to have a small knock-on effect for Ether — inflows increased to $7.8 million — there was no sign of follow-through for altcoins, which saw little to no positive movement outside of trickling inflows for

 

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These rallies come after Bitcoin dropped below $25,000 in June for the first time since mid-March after the United States Securities and Exchange Commission leveled separate lawsuits against Binance and Coinbase alleging improprieties.

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