-
Overall,
a
record
$2.5
billion
flowed
into
crypto
exchange-traded
products
last
week,
with
bitcoin
funds
responsible
for
99%
of
all
the
inflows,
CoinShares
reported. -
Outflows
from
Grayscale’s
GBTC
were
compensated
by
massive
allocation
to
BlackRock’s
IBIT
and
Fidelity’s
FBTC.
Demand
for
bitcoin
(BTC)
exchange-traded
funds
(ETF)
accelerated
again
last
week
as
they
raked
in
a
record
$2.4
billion
of
the
$2.45
billion
that
flowed
into
digital
asset
investment
products,
crypto
asset
management
firm
CoinShares
said
Monday.
Allocations
to
the
newly
approved
U.S.-based
spot
bitcoin
ETFs
overwhelmed
the
$623
million
outflows
from
Grayscale’s
Bitcoin
Trust
(GBTC),
the
incumbent
fund
that
converted
into
an
ETF
structure.
BlackRock’s
IBIT
and
Fidelity’s
FBTC
attracted
$1.6
billion
and
$648
million
over
the
past
week,
respectively.
“This
represents
a
significant
acceleration
of
net
inflows,
distributed
widely
among
various
providers,
indicating
an
increasing
interest
in
spot-based
ETFs,”
said
James
Butterfill,
CoinShares’
head
of
research.
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Soaring
demand
for
new
bitcoin
ETFs
occurred
as
BTC
hit
$52,000
for
the
first
time
since
December
2021,
and
investors
are
eyeing
new
all-time
highs
for
the
largest
crypto
later
this
year.
Weekly
inflow
into
the
wider
crypto
asset
class
also
hit
a
record,
the
CoinShares
report
noted.
Bitcoin
accounted
for
99%
of
total
net
inflows
into
crypto
funds,
with
ether
(ETH)
products
experiencing
the
second-largest
inflow
of
$21
million,
according
to
the
report.
Meanwhile,
blockchain
equity
ETFs
suffered
a
$167
million
outflow,
signaling
investors
took
profits,
CoinShares
said.