In a significant development for the crypto investment market, CoinShares’ latest weekly inflow report reveals a surge in investor appetite, leading to the largest weekly inflow since July 2022. The report, published on June 26, highlights the dominance of Bitcoin in driving this rally.
Bitcoin’s Resurgence Propels Weekly Inflows to New Heights
CoinShares analysts credit the reversal of a nine-week consecutive outflow trend to the increasing activity of exchange-traded product (ETP) issuers in the ETF space. This positive sentiment stems from recent announcements by high-profile ETP issuers, who have filed for physically backed ETFs with the US Securities & Exchange Commission.
Last week, Bitcoin surged to a 2023 high of $31,431, primarily fueled by institutional interest in ETFs. Notably, BlackRock and Fidelity Investments filed for spot Bitcoin ETFs in June, contributing to the positive movement.
Altcoins and BITO Progress
While Bitcoin’s inflows had a minor impact on Ether, which saw an increase to $7.8 million, altcoins struggled to follow suit. Most altcoins experienced minimal positive movement, except for XRP, which witnessed modest inflows of $240,000 and $170,000, respectively.
Another noteworthy event was the ProShares Bitcoin Strategy ETF, known as BITO. It has recorded its largest weekly inflow in a year, amassing $65.3 million and pushing its assets to $1 billion.
Bitcoin’s Recovery and National Records
These recent rallies mark a significant turnaround for Bitcoin after its drop below $25,000 in June. The cryptocurrency faced regulatory scrutiny following lawsuits filed against Binance and Coinbase by the United States Securities and Exchange Commission.
However, last week’s surge not only broke a nine-week outflow streak for crypto assets but also set three new all-time national records for BTC. However, while altcoins struggled to replicate this success, Bitcoin’s recovery broke multiple national records, signaling a renewed positive sentiment among investors.
Argentina, Venezuela, and Lebanon witnessed Bitcoin reaching its highest-ever levels against their respective local currencies.
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