Directly traded Bitcoin exchange-traded funds (ETFs) in the United States hit a record high this week, indicating ongoing investor interest as Bitcoin skyrockets.
According to the cryptocurrency tracking platform SoSoValue, for the week from November 18-22, direct Bitcoin (BTC) trading funds had net inflows of $3.38 billion, marking a 102% increase compared to $1.67 billion from the previous week.
This is the largest number ever recorded for weekly inflows of direct Bitcoin trading funds. According to SoSoValue, this is also the seventh consecutive week of positive inflows.
Total weekly net inflows of direct Bitcoin trading funds. Source: SoSoValue
BlackRock's iShares Bitcoin Trust (IBIT) remains the leader with a net asset value of $48.95 billion as of November 22, along with accumulated inflows of $31.33 billion. Meanwhile, the Grayscale Bitcoin Trust ETF, despite holding $21.61 billion in net assets, has seen outflows exceeding $20 billion since its launch.
Digital asset products have recorded $37 billion year-to-date
According to data from cryptocurrency investment firm CoinShares, digital asset investment products have brought in $37 billion in inflows year-to-date.
ETF inflows mainly come from Bitcoin ETFs and have surpassed the launch of gold ETFs, which only attracted $309 million in their first year of trading.
CoinShares reports that inflows in the US market have been offset by outflows from other countries such as Germany, Sweden, and Switzerland. According to CoinShares, BTC's recent high price is seen as an opportunity to take profits rather than to bolster positions.
Data from CoinShares estimates that total inflows into Bitcoin ETFs reached $3.12 billion for the past week.
Short-term Bitcoin products also recorded $10 million in inflows, indicating that some investors are hedging against potential downside risks. Meanwhile, markets in Australia, Canada, and Hong Kong have shown optimism, contributing about $70 million in inflows.
Bitcoin reaches an unprecedented new high: $99,655
The increase in weekly inflows occurred as BTC reached a new historical high before experiencing a slight correction. Data from TinTucBitcoin shows that on November 22, BTC hit a new price record of $99,655.50.
Despite this, the cryptocurrency cannot surpass the $100,000 mark, a milestone highly anticipated in the online community. Currently, the asset is trading at $98,459.95.
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