Bitcoin ETF optimism spurs biggest asset inflows since late 2021
These products, including trusts and exchange-traded products, saw $346 million in inflows last week, with Canada and Germany accounting for 87% of the total. Only $30 million came from the United States, the asset manager said in a report on Monday, pointing to continued low participation from the country.
Cryptocurrency markets have surged since early October as traditional asset managers such as BlackRock prepare to launch a spot Bitcoin ETF, which could draw more investors into the asset. The SEC must approve any ETF application.
"A combination of rising prices and inflows has now pushed total assets under management to $45.3 billion, the highest level in a year and a half," the report said.
Bitcoin products made $312 million last week, bringing inflows since the start of the year to more than $1.5 billion. Ethereum products saw $34 million in inflows last week, nearly erasing outflows for all of 2023.
