Crypto investment products see biggest weekly inflow since July 2022.

According to a report by CoinShares on June 26, there has been a recent increase in activity surrounding exchange-traded funds, which has led to the largest weekly inflow for digital asset investment products since July 2022. Inflows for the week of 19-23 June totaled $199 million, reversing a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the majority of the inflows at $187 million (94% of overall inflows).

This week in Fund Flows, by @jbutterfill: A sharp shift to bullishness among investors, injecting US$199m in digital asset investment products. This marks the largest single weekly inflow since July ’22, correcting almost half of 9 consecutive weeks of outflows. (1/5)

— CoinShares (@CoinSharesCo) June 26, 2023

CoinShares analysts attribute the reversal to increasing activity from exchange-traded product (ETP) issuers in the exchange-traded fund (ETF) space. They believe that the 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.

Bitcoin reached a 2023 high of $31,431 last week, which was largely attributed to institutional interest in ETFs. Both BlackRock and Fidelity Investments filed for spot Bitcoin ETFs in June. While the uptick in Bitcoin inflows managed to have a small knock-on effect for Ether (ETH), inflows increased to $7.8 million. There was no sign of follow-through for altcoins, which saw little to no positive movement outside of trickling inflows for XRP and Solana (SOL) in the amounts of $240,000 and $170,000 respectively.

Bitcoin futures fund BITO, the ProShares Bitcoin Strategy ETF, also made waves last week with its largest weekly inflow in a year, a $65.3 million haul bringing its assets up to $1 billion.

These rallies come after Bitcoin dropped below $25,000 in June for the first time since mid-March after the United States Securities and Exchange Commission levied separate lawsuits against Binance and Coinbase alleging improprieties. Last week’s Bitcoin high of $31,431 not only snapped a nine-week outflows streak for crypto assets, but also set three new all-time national cryptocurrency-based records. As Cointelegraph reported on June 25, Argentina, Venezuela, and Lebanon saw BTC hit its highest-ever levels against local currencies.

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