Crypto-focused investment funds enjoyed $326 million of net inflows last week, the largest single-week influx since July 2022, digital asset investment firm CoinShares reported Monday.
The key reason behind the move, according to CoinShares, is the rally in prices fueled by growing optimism the U.S. Securities and Exchange Commission (SEC) will approve the first spot bitcoin exchange-traded fund (ETF).
“We do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective,” said James Butterfill, CoinShares head of research.
CoinShares, however, did note that last week’s inflows – while sizable – were only the 21st largest weekly gain over the three years the company has been keeping a record of such data, indicating that investors might still be somewhat cautious about deploying capital.
Bitcoin, solana (SOL) funds gain, ether (ETH) lags
Bitcoin funds were responsible for 90% of all inflows, including $15 million to short-bitcoin funds – i.e., those that would profit from a decline in prices – indicating some are hedging their gains or outright betting that prices could soon reverse.
Crypto fund flows by asset (CoinShares)
Solana (SOL) investment vehicles extended their winning streak with $24 million of net inflows, the largest among altcoins.
Funds holding ether (ETH) continued to fall out of favor, suffering $6 million of net outflows last week, bringing total year-to-date exits to $125 million.
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opinion Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research. The opinions expressed in this article are the author’s own. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. For a primer on crypto derivatives,…
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