BITCOIN investment products took in US$1.35 billion last week, marking the third straight week of inflows and the highest amount since the start of June, according to CoinShares data.
This three-week period of inflows brings the total gains to US$1.85 billion. In the two weeks prior to those, Bitcoin funds lost US$1.2 billion. Overall, crypto investment products saw US$1.44 billion in inflows in the week ended Jul 12, according to CoinShares.
The record inflows followed a week that saw the price of the world’s largest cryptocurrency fall below US$54,000, its lowest price level since February. Investors bought in to take advantage of the price dip and were bullish on lower-than-expected inflation figures in the US, according to CoinShares.
Investors put the most money into the Bitcoin funds of BlackRock and Fidelity. They saw inflows of US$522 million and US$358 million, respectively. Grayscale’s fund continued to see outflows and lost US$35 million.
Ether and other alternative cryptocurrencies continued to see inflows. Products for the second-largest token took in over US$72 million, its largest inflows since March. It got these gains on anticipation of the “imminent approval” of a spot Ether exchange-traded fund (ETF) in the US, according to CoinShares.
Ether ETFs have already passed the first stage of approval from the US Securities and Exchange Commission.
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Products for Solana, Litecoin and XRP took in US$4.4 million, US$1.2 million and US$1 million, respectively. VanEck filed for a Solana ETF last month, but its approval has been deemed a “long shot”. BLOOMBERG
