🤯✈️ Crypto asset inflows surpass $1 billion
as Bitcoin ETF optimism grows
According to CoinShares Senior Analyst
James Butterfill, inflows into crypto asset
investment products have exceeded $ 1
billion this year due to the prevailing
optimism surrounding the possible approval
of the spot Bitcoin exchange-traded fund
approval (ETF).
Based on data from coinshares, Butterfill
revealed that crypto investment products
attracted $226.4 million in inflows this week,
continuing the recent positive trend that has
permeated the burgeoning industry. This
increases the monthly flow to 482.1 million
dollars, contributing to a solid annual total of
1.074 billion dollars.
Breaking down the inflow of assets, Bitcoin
established dominance over $ 1 billion,
followed by a remarkable $119 million inflow
for Solana. Short BTC products also
experienced a total inflow of $59 million for
the year.
In contrast, Ethereum and Tron-related
investment products faced outflows of $ 77
million and $ 51 million, respectively.
Meanwhile, other digital assets such as
Cardano, XRP and Lit Decoin have observed
more modest inflows of $7 million, $12
million and $4 million respectively.
Proshares' bito emerges as beneficiary
As the general inflow into crypto investment
products has increased, certain BTC ETF
products, such as proshares' Bitcoin Strategy
etf (BITO), have been identified as
beneficiaries.
Bloomberg's Eric Balchunas highlighted the
investment product's notable gains amid the
positive buzz surrounding the potential
launch of spot Bitcoin etfs. However, he also
stressed that BITO will probably face
significant challenges once these spot etfs
are approved.
In the last 30 days, bito's assets have grown
significantly and almost doubled in value with
a market capitalization and inflows of $ 240
million. Incoming data ETF.com it shows that
the total value of the assets under its
management is currently $1.07 billion.
