Expectations that the US will eventually launch a futures Bitcoin exchange-traded fund (ETF) are heating up, prompting capital to flow into digital asset investment products for the 9th week in a row.
The Zhitong Finance app learned that expectations that the US will eventually launch a futures Bitcoin exchange-traded fund (ETF) are heating up, prompting capital to flow into digital asset investment products for the 9th week in a row. This is the largest capital inflow since the cryptocurrency bull market at the end of 2021. According to CoinShares, these products, such as trusts and exchange-traded products, had inflows of $346 million last week, with Canada and Germany contributing 87% of the total. CoinShares reports that only $30 million comes from the US, showing that US investor participation is still low.
Since the beginning of October, the crypto market has surged sharply as traditional asset managers such as BlackRock prepare to launch spot Bitcoin ETFs, which is likely to attract more investors to the market. Any ETF application must be approved by the US Securities and Exchange Commission (SEC).
CoinShares reports: “Price increases combined with capital inflows have now pushed the total assets under management to US$45.3 billion, the highest in over a year and a half.”
Last week, capital inflows into Bitcoin products reached 312 million US dollars, driving capital inflows this year to more than 1.5 billion US dollars. Ethereum products flowed in $34 million last week, almost offsetting outflows for the whole year of 2023.