Spot bitcoin exchange-traded products launched in January led crypto investment products with the largest inflows last week, crypto asset manager CoinShares said in a report on Monday.
Bitcoin ETFs saw $1.1 billion of inflows last week for a cumulative total of $2.8 billion since their launch on Jan. 11, CoinShares said. That’s the highest weekly inflow level since the inception of bitcoin spot ETFs, according to The Block’s data.
Since January, the new ETFs have collectively amassed over 192,000 BTC in their custody.
BlackRock and Fidelity have been leading the pack with $693.6 million and $522.6 million of inflows last week, respectively, according to CoinShares. Bitcoin-related products received the vast majority of inflows, with Ethereum and Cardano trailing behind in second and third place.
Assets under management
Products allowing traders to short bitcoin, on the contrary, saw minor outflows of $0.4 million last week.
Total assets under management for crypto investment products reached the highest point since early 2022 at $59 billion, according to CoinShares’ data.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.