- Among altcoins, Solana (SOL) investment vehicles had the greatest net inflows of $24 million.
- The cryptocurrency-focused investment funds had net inflows of $326M last week.
Digital asset investment company CoinShares stated on Monday that cryptocurrency-focused investment funds had net inflows of $326M last week, the highest weekly inflow since July 2022. According to CoinShares, the primary motivation for the adjustment is the price increase brought on by rising expectations that the United States SEC would approve the first spot bitcoin ETF.
James Butterfill, CoinShares head of research stated:
“We do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective.”
Bitcoin Leads the Way
While last week’s inflows were substantial, they were still the 21st greatest weekly increase in the three years that CoinShares has been tracking this information, suggesting that investors may still be wary about committing huge sums of money.
Some investors may be hedging their gains or wagering that prices would soon reverse, since 90% of all inflows went to Bitcoin funds, $15 million of which went to short-bitcoin funds.
Among altcoins, Solana (SOL) investment vehicles had the greatest net inflows of $24 million. Net outflows from ether (ETH)-holding funds reached $6 million last week, bringing the YTD total to $125 million.
The biggest cryptocurrency by market cap, Bitcoin (BTC), has been the catalyst for a market-wide positive trend since October 24. As BTC has maintained its bullish momentum, enthusiasm among Bitcoin supporters and investors has been palpable.
Nonetheless, Bitcoin’s value increase is being driven not only by retail investors but also by institutional investment vehicles. At the time of writing, BTC is trading at $34,240.
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