According to Blockworks, the past week saw a significant influx of investor capital into US bitcoin funds, coinciding with a crucial approval for US spot ether ETFs. Data from Farside Investors reveals that nearly $1.1 billion collectively entered the 11 US spot bitcoin ETFs. This marks the third consecutive week of net inflows for the fund category, following four weeks of outflows. The inflows for the past week were the highest since the period from March 11 to March 15, when the segment saw over $2.5 billion.
BlackRock's iShares Bitcoin Trust (IBIT) led the pack with net inflows of $720 million. The data suggests that IBIT is on the verge of surpassing the category leader in assets, the Grayscale Bitcoin Trust ETF (GBTC). As of last Friday, IBIT and GBTC managed about $19.6 billion and $20 billion, respectively. Since converting to an ETF in January, Grayscale has seen over $17.6 billion of net inflows, although these have slowed in recent weeks.
In other developments, the Securities and Exchange Commission approved 19b-4 proposals for a range of spot ether ETFs last week. Ether-related products in other countries saw $36 million worth of inflows. Overall, year-to-date net inflows into digital asset investment products have reached a record-high of $14.9 billion, according to data from CoinShares.