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Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak

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Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak

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Bitcoin (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto, amid growing anticipation of a spot Bitcoin ETF approval in the United States.

A total of $1.76 billion of investors’ funds have flowed into crypto products over a 10-week period, making up for the largest inflows over such a period since October 2021 — when Bitcoin futures launched, according to a Dec. 4 report from CoinShares’ head of research James Butterfill.

CoinShares’ weekly reports over the past 10 weeks shows at least $1.44 billion of inflows went to Bitcoin investment products over the period, as the price of Bitcoin has gained from $26,600 to $37,700 on Dec. 1.

Meanwhile, the latest week ending Dec. 1 saw $176.3 million worth of inflows into crypto investment products. Bitcoin (BTC) investment products were the “main beneficiary,” said Butterfill, recording $132.8 million of inflows over the past week, while Ether (ETH) and Solana (SOL) products tallied $30.8 million and 4.3 million, respectively.

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Digital asset flows (in millions) week by week in 2023. Source: CoinShares

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The inflows come as spot Bitcoin ETF applications are inching closer toward potential approval in the U.S.

Some Bitcoin futures-based products could be reaping benefits of the recent excitement over approvals, said James Edwards, cryptocurrency analyst at fintech firm Finder in a previous interview with Cointelegraph.

“Early signs are that institutional investors are already speculating on the ETF approval, with inflows to existing Bitcoin futures ETFs like ProShares BITO ramping up in the past few days to break 2021 records.”

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