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Bitcoin ETP inflows rise by 192% in June, accounting for 98% of total cryptocurrency fund inflows last week.
Bitcoin (BTC) exchange-traded products (ETPs) accounted for more than 98% of all inflows into digital asset investment products during the previous week, according to data from CoinShares. Bitcoin ETPs experienced inflows totaling $123 million last week, while the overall inflow to all crypto ETPs reached $125 million.
The recent inflow into Bitcoin ETPs has brought the year-to-date total to $158 million. Prior to two weeks ago, Bitcoin ETPs had recorded year-to-date net outflows of $171 million, reflecting a 192% increase in June. The timing of the recent surge in spot Bitcoin ETF applications corresponds with the shift in sentiment highlighted in the report.
Digital asset investment products experienced their largest inflow since July 2022 during the week of June 16. The cumulative inflow to crypto ETPs over the past two weeks totals $334 million, with 98% directed towards Bitcoin ETPs.
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CoinShares indicated that the second week of inflows suggests that investor “bullishness continues.” Market sentiment has predominantly shifted to a positive outlook as it anticipates the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
With BTC and Ethereum (ETH) prices rising by 1.04% and 4.32% over the last week, the assets under management of crypto investment products increased to $37 billion — the highest level since early June 2022. Furthermore, the trading volume of crypto ETPs reached $2.3 billion last week, exceeding the year-to-date weekly average of $1.5 billion.
Amid the rise in crypto prices, short-bitcoin investment products experienced their tenth consecutive week of outflows, totaling $0.9 million. Short-bitcoin ETPs remain the top performers in year-to-date inflows, amounting to $60 million.
Ethereum ETPs received the majority of inflows following Bitcoin, with total weekly inflows recorded at $2.7 million. Cardano (ADA), Polygon (MATIC), and XRP (XRP) ETPs saw modest inflows, while Solana and multi-asset ETPs experienced slight outflows of $0.8 million and $1.8 million, respectively.
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