Crypto investment inflows top $1 billion on ETF anticipation By Investing.com
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Investors are channeling more than $1 billion into cryptocurrency asset investment products this year, buoyed by the expectation of a spot exchange-traded fund (ETF) approval, according to CoinShares’ James Butterfill. The market has seen a significant uptick in activity, with ProShares’ Bitcoin Strategy ETF (NYSE: BITO) experiencing nearly double the assets over the last month, driven by market appreciation and inflows totaling $240 million.
This surge in interest is part of a broader trend that has digital assets on track for their third-highest year of allocations. Investment into products like Grayscale’s Bitcoin Trust and Bitwise’s 10 Crypto Index Fund has soared to over $1.07 billion, marking a substantial increase from the $847 million reported earlier in the week. This growth comes after a challenging previous year when inflows dwindled to $389 million amid the collapse of several high-profile firms and Bitcoin’s price dip to $15,649.
Bitcoin-related products have dominated this year’s allocations, with over $1 billion in inflows, while has attracted $119 million. Conversely, and Tron-related products have experienced outflows of $77 million and $51 million respectively. Amidst this shifting landscape, ProShares’ BITO stands out, with Bloomberg’s Eric Balchunas highlighting its potential to set a new trading volume record this week with about $2 billion traded.
The anticipation for a spot Bitcoin ETF has also had a ripple effect on other cryptocurrencies. On Wednesday, Bitcoin’s price surpassed $35,000 due to the ETF expectations, accounting for 96% of this year’s allocations into Bitcoin-related products. Ethereum has seen its price jump by 16% over the week to approximately $2,100. Notable developments include filings by BlackRock (NYSE:) and Franklin Templeton with the SEC and NASDAQ for Ethereum-based ETFs and an increase in altcoin activity on Ethereum’s network leading it to become deflationary again.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Investors are channeling more than $1 billion into cryptocurrency asset investment products this year, buoyed by the expectation of a spot exchange-traded fund (ETF) approval, according to CoinShares’ James Butterfill. The market has seen a significant uptick in activity, with ProShares’ Bitcoin Strategy ETF (NYSE: BITO) experiencing nearly double the assets over the last month, driven by market appreciation and inflows totaling $240 million.
This surge in interest is part of a broader trend that has digital assets on track for their third-highest year of allocations. Investment into products like Grayscale’s Bitcoin Trust and Bitwise’s 10 Crypto Index Fund has soared to over $1.07 billion, marking a substantial increase from the $847 million reported earlier in the week. This growth comes after a challenging previous year when inflows dwindled to $389 million amid the collapse of several high-profile firms and Bitcoin’s price dip to $15,649.
Bitcoin-related products have dominated this year’s allocations, with over $1 billion in inflows, while has attracted $119 million. Conversely, and Tron-related products have experienced outflows of $77 million and $51 million respectively. Amidst this shifting landscape, ProShares’ BITO stands out, with Bloomberg’s Eric Balchunas highlighting its potential to set a new trading volume record this week with about $2 billion traded.
The anticipation for a spot Bitcoin ETF has also had a ripple effect on other cryptocurrencies. On Wednesday, Bitcoin’s price surpassed $35,000 due to the ETF expectations, accounting for 96% of this year’s allocations into Bitcoin-related products. Ethereum has seen its price jump by 16% over the week to approximately $2,100. Notable developments include filings by BlackRock (NYSE:) and Franklin Templeton with the SEC and NASDAQ for Ethereum-based ETFs and an increase in altcoin activity on Ethereum’s network leading it to become deflationary again.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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