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Spot Bitcoin ETFs Fuel $721 Million in US-based Crypto Inflows

by Sham
February 5, 2024
in Crypto
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Spot Bitcoin ETFs Fuel $721 Million in US-based Crypto Inflows
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  • Crypto inflows rebounded to $708 million last week, driven by Bitcoin which made up 99% of total inflows. The US was the dominant source of inflows.
  • Bitcoin saw significant inflows of $703 million while other assets like Cardano and XRP saw minor inflows. Short positions in Bitcoin saw outflows despite price rising.
  • As a result of mixed regional flows, crypto ETP Bitcoin holdings dipped slightly to 890,000 BTC from 900,000 BTC the previous week.

Crypto-related investment products saw a bounce back in inflows last week after two consecutive weeks of outflows. The total inflow reached $708 million, bringing the year-to-date total to $1.6 billion. Global assets under management have now risen to $53 billion.

JUST IN: 🇺🇸 U.S. accounted for 99% of global crypto product inflows last week totaling $720 million

Others via Coinshares:

– Switzerland: +$21 million

– Germany: +$3.5 million

– Brazil: +$1.3 million

– Australia: +$900,000

– France: +$100,000

— BlockNews.com (@blocknewsdotcom) February 5, 2024

Bitcoin Dominates Inflows

Bitcoin saw significant inflows of $703 million last week, making up 99% of total inflows. Solana was the second highest with $13 million. Other assets like Cardano, Litecoin, and XRP saw minor inflows.

Short positions in Bitcoin saw outflows of $5.3 million even as Bitcoin’s price rose 3% to over $43,700. Ethereum and Avalanche also saw outflows despite the overall positive trend.

United States Leads Inflows

The US continues to lead inflows thanks to new Bitcoin spot ETFs. The US saw $721 million in inflows last week, contributing to a 4-week net inflow of $1.9 billion.

Total inflows to crypto investment products since January 11 are now at $7.7 billion. However, established products like Grayscale Bitcoin Trust saw $6 billion in outflows.

Other regions like Switzerland, Australia, France, Brazil and Germany saw smaller inflows. But Canada had $31 million in outflows.

Bitcoin Holdings Dip Slightly

As a result of mixed regional flows, crypto ETP Bitcoin holdings dipped slightly to 890,000 BTC from 900,000 BTC the previous week.

Conclusion

In summary, crypto inflows rebounded last week driven by Bitcoin and significant US inflows. But mixed flows in other regions caused a small dip in Bitcoin holdings. The US remains the dominant source of inflows into crypto investment products.

Tags: BitcoinCardanocryptoSolanaSpot bitcoin ETFs
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