Crypto inflows surge after BlackRock’s Bitcoin ETF filing.

Last week, investment funds that use digital assets saw their largest weekly inflows in a year, with $199 million being added to the sector.

According to CoinShares, the crypto investment and research firm, these inflows were the largest since July 2022 and made up almost half of the prior nine consecutive weeks of outflows.

The large inflows mark a significant change from the previous week, when the sector saw net outflows totaling $5.1 million.

The surge in inflows was mainly driven by funds backed by Bitcoin (BTC), which saw $187 million in inflows for the week, up from net outflows of $0.5 million the previous week.

Bitcoin flows made up 94% of the total flows last week, indicating how dominant Bitcoin is over other cryptoassets among investors in crypto-backed funds.

Interestingly, short-Bitcoin funds saw the largest outflows last week, an indication that sentiment among Bitcoin investors has improved drastically in recent weeks.

Among the altcoin-backed funds, Ethereum (ETH) funds stood out with inflows of $7.8 million, while funds backed by baskets of multiple digital assets saw inflows of $8.1 million.

Flows by country

It is interesting to note that the largest inflows for the week came from Germany, with $85.5 million, up sharply from $2.4 million of inflows the previous week.

The next countries on the list were the United States and Canada, which were responsible for inflows of $58.9 million and $45.3 million, respectively.

BlackRock ETF application boosts sentiment

The inflows came after BlackRock, the world’s largest asset management firm, filed an application to list a spot Bitcoin exchange-traded fund (ETF) on June 15.

“We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the US Securities & Exchange Commission,” CoinShares commented in its report.

It added that total assets under management in crypto-backed funds now stand at $37 billion, “their highest since before the collapse of 3 Arrows Capital.”

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