Bitcoin ETFs Had Another Banner Week as BTC Price Rebounded

Investors are still interested in Bitcoin—and as the price of the most valuable digital asset by market cap climbed last week, investors continued to throw cash at the asset via Bitcoin exchange-traded funds (ETFs), a Monday report from asset manager CoinShares said. 

Investors in total put $1.27 billion into Bitcoin funds last week, CoinShares said. And investors pulled just $1.9 million out of funds betting on the price of the asset to go down, it added. 

Bitcoin’s price is currently $67,170, according to CoinGecko data. That’s 9% lower than the new all-time high it hit of $73,747 back in March, and slightly lower than its previous $69,044 record from 2021.

However, Bitcoin did see a notable uptick in price last week, ultimately popping above the $68,000 mark on Sunday for the first time in more than a month. The rise came following President Joe Biden's announcement that he will exit the race, instead throwing his support behind VP Kamala Harris.

Bitcoin has struggled to break higher the past few months—in part because investors are still worried that the Federal Reserve would continue to keep interest rates high. Creditors expecting billions of dollars in Bitcoin repayments from collapsed exchange Mt. Gox have also led investors to expect a big selloff, and therefore a price dip. 

CoinShares added in its report that the “outlook for Ethereum seems to have turned a corner,” as investors threw $45 million at funds giving them exposure to the second-biggest digital coin by market cap. 

In total, $1.35 billion hit crypto investment funds last week; the total for the past three weeks stands at $3.2 billion, the report said. Last week, investors poured $1.44 billion into crypto funds, with the vast majority—$1.35 billion—hitting Bitcoin funds. 

A number of spot Ethereum-based exchange-traded funds (ETFs) exist in Europe, though not yet in the U.S. But the SEC gave such products initial approvals in May, and industry observers expect the funds to start trading on American stock exchanges on Tuesday.

Edited by Andrew Hayward