Bitcoin Fund Holdings Hit All-Time High as Spot ETF Excitement Entices Crypto Investors
Digital asset funds surpassed $1 billion in net inflows this year, with money overwhelmingly flowing into BTC-focused investments, CoinShares reported.
Bitcoin investment funds hold an all-time high of 863,434 BTC according to ByteTree
Digital asset funds overall attracted large inflows over the past weeks as spot bitcoin ETF optimism spread to the broader crypto markets
Bitcoin (BTC) investment fund BTC holdings have risen to the highest ever alongside the token's continuing rally thanks in part to optimism about coming approval for a spot exchange-traded fund (ETF)
According to investment advisory firm ByteTree, token holdings this week rose to 863434 taking out the previous record high touched in April 2022 Over the past month funds have added about 22 100 bitcoins
Little wonder the price has been so strong of late ByteTree founder Charlie Morris said
Broader crypto funds enjoyed an uptick in fresh cash over the past weeks as well with digital asset management firm CoinShares reporting $767 million in net inflows over the past six weeks the most over such a time frame since the 2021 bull market
Further James Butterfill head of research at CoinShares, earlier Friday noted inflows into digital asset funds so far this year have now topped $1 billion.
Bitcoin, of course, is the overwhelming driver of these inflows as investors chase rising prices ahead of what's now expected to be imminent approval of multiple spot BTC ETFs.
Speaking to CoinDesk earlier this week, Matt Hougan, Bitwise Asset Management’s Chief Investment Officer, suggested things have a long way to go before the spot ETF approval is priced in. Even with all the news hitting of late, it's Hougan's contention that the majority of financial advisors continue to believe a spot ETF isn't coming until 2025 or later
BTC hit a 18-month high of $37,960 earlier this week, up 39% in the past month and 125% year-to-date. It's currently trading hands at $ 37,300
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