Institutional Bitcoin investment products received a total of $598 million in inflows over the past seven days, as reported by CoinShares. This marks the fourth consecutive week of inflows for crypto exchange-traded products (ETPs).
According to CoinShares’ “Digital Asset Fund Flows Weekly” report published on February 26, the year-to-date inflows have now surpassed $5.7 billion. Institutional investors are increasingly seeking exposure to Bitcoin through spot Bitcoin ETFs.
The recent data reflects significant buying activity during a market recovery driven by spot Bitcoin ETFs. Between February 19 and February 23, institutions deposited nearly $598 million into crypto products offered by BlackRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares. Although there was a brief slowdown in outflows at the end of last week.
Bitcoin (BTC) funds received the largest inflows among all cryptocurrencies, amounting to approximately $570 million, representing 95% of the total. Ether (ETH) came in second with $16.8 million in inflows, followed by Litecoin (LTC) and Ripple’s XRP ETPs with inflows of $1 million and $1.1 million, respectively.
Interestingly, Solana (SOL) experienced outflows of $3 million, potentially due to recent outages that may have impacted sentiment around the layer 1 token, according to CoinShares.
In the United States, higher-cost spot issuers witnessed significant inflows, particularly into the new spot Bitcoin ETF issuers. Inflows into U.S.-based crypto products reached $609.5 million, despite $436 million worth of outflows from Grayscale. Brazil and Switzerland saw minor inflows of $8.2 million and $2.1 million, respectively. On the other hand, the Canadian market experienced the largest outflows from digital asset investment products, shedding $17.8 million, followed by Sweden with $8 million in outflows.
The increased inflows into Bitcoin products align with the recent price surge above $53,000, reaching a new year-to-date high at $53,650. This level was last seen over two years ago, on December 3, 2021. Bitcoin’s price then dropped to $16,600 in November 2022.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment or trading decisions.