- Cryptocurrency funds have seen their highest weekly inflow in 9 weeks, totaling $346 million, as assets under management pass $45.3 billion.
- Bitcoin took in $312 million last week, bringing its yearly total to $15 billion. Ethereum saw 4 consecutive weeks of inflows totaling $348 million.
- Canada and Germany accounted for 87% of total inflows, with Canada seeing $199 million and Germany $101.5 million flow into crypto funds.
The crypto market is seeing growing optimism from institutional investors, as cryptocurrency products record their 9th straight week of inflows totaling $346 million. This momentum comes as the market awaits the potential approval of a spot Bitcoin ETF.
Bitcoin and Ethereum See Big Gains
Bitcoin took in $312 million last week, bringing its yearly total to $15 billion. Ethereum saw 4 consecutive weeks of inflows totaling $348 million, even without the approval of ETH ETFs. Ether now trades above $2,000, although analysts say it remains undervalued.
Other altcoins like Solana, Polkadot, and Chainlink also saw slight inflows. Bitcoin and Ethereum remain the clear leaders, with increasing demand from institutional investors.
Canada and Germany Lead Inflows
Geographically, Canada and Germany make up 87% of total inflows. Canada saw $199 million flow into crypto funds, while Germany had $101.5 million. The U.S. and Switzerland followed with $302 million and $146 million inflows respectively.
Anticipation of a Bitcoin ETF Driving Market
The crypto market fell dramatically in 2022, but has rebounded in 2023 due to anticipation of a spot Bitcoin ETF approval. Bitcoin and Ethereum are up 128% and 74% respectively year-to-date. While the SEC has rejected previous ETF applications, the latest filings from major firms like BlackRock signal growing regulatory acceptance.
Conclusion
With 9 straight weeks of inflows totaling $346 million, institutional demand for crypto continues to increase. All eyes remain on a potential Bitcoin ETF approval in the U.S., which would likely accelerate the crypto market’s bullish momentum even further.
