Cryptocurrency investment products experienced a reversal in fortunes as inflows reached $130 million in the week ending May 6, according to CoinShares’ latest report. Institutional investors increased their exposure to digital assets, with Bitcoin investment funds receiving the majority of inflows at $144 million. Weekly trading volumes in investment products declined from an average of $17 billion in April to $8 billion in the week ending May 10. The data coincides with heavy selling and uncertainties surrounding US inflation data. However, institutional capital continued to flow into US spot Bitcoin ETFs, with Fidelity, Bitwise, and VanEck’s funds contributing to the inflows. In terms of regional inflows, the United States, Switzerland, Hong Kong, Australia, and Brazil showed positive numbers, while Canada experienced the largest outflows. Additionally, the State of Wisconsin Investment Board disclosed its exposure to spot Bitcoin investment, purchasing shares of BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin Trust. This move is seen as significant and may influence other investment boards to follow suit. Bloomberg’s senior ETF analyst, Eric Balchunas, believes this development is a positive indication for the market, suggesting that more institutions will likely follow suit. The Wisconsin Investment Committee’s move into spot Bitcoin ETFs reflects a growing adoption of crypto investment products among traditional finance firms.
Newly identified purchasers of spot BTC ETF revealed as crypto investment funds generate $130M intake