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Serious investors continued to flood the market and Bitcoin funds with cash last week—with the biggest 10-week inflows since the height of the 2021 bull run, according to a report today.
Digital asset fund manager CoinShares said in a Monday report that money going into crypto investment products last week hit $176 million, reaching a 10-week total of $1.76 billion. Total assets under management is up 107% this year and stands at $46.2 billion—47% below the all-time high of $86.6 billion in 2021.
The inflows were last this high back in October 2021, when the first-ever Bitcoin futures exchange-traded fund (ETF) hit the American market—and broke records when it traded nearly $1 billion in one day.
At that time, Bitcoin was trading for over $64,000 per coin. It is currently priced at $41,675—34% lower—but is still way above what it was going for at the start of the year, when it was less than $17,000, CoinGecko data shows.
This has led some analysts to say that a bull run might be on its way. Hype around the potential approval of a spot Bitcoin ETF after a decade is leading investors to pour money into the space.
Bloomberg Intelligence analysts have said that the approval of a spot Bitcoin ETF, which would give traditional investors exposure to crypto, will most likely happen in January. For now, analysts expect the market will see some updated S-1 filings submitted to the SEC as applicants rush to comply with feedback from the regulator.
CoinShares added that “Bitcoin was the main beneficiary” of inflows into investment products such as Grayscale, 21Shares, and ProShares, with $133 million in inflows.
It further noted that products centered around Ethereum received $31 million in investment while blockchain equities marked their seventh consecutive week of inflows.
Such investments are typically from experienced investors who are putting money into vehicles that track the crypto markets. They do not reflect people buying and selling digital assets on exchanges such as Coinbase or Binance.
Edited by Stacy Elliott.