Since the US Securities and Exchange Commission (SEC) approved the first Bitcoin spot ETFs in the US in early January, the crypto industry has experienced several weeks of tremendous growth. But no week was as good as last week. Bitcoin products, including Bitcoin ETFs since January, have immediately returned to the amounts they managed in 2021.
Crypto exchange fund reaches record amount
This is what crypto exchange product provider CoinShares writes in its weekly research report. Last week, the crypto exchange funds examined grew by just over $2.45 billion. In any case, this is a record for both this year and last year, but also for all previous years.
In any case, CoinShares mentions that it is a record. The total amount of inflows for 2024 now stands at an impressive $5.2 billion. The total assets under management for these exchange products currently exceed $67 billion.
That’s the highest amount since December 2021, just before the deep bear market of 2022. Additionally, the weekly growth is more than double what it was two weeks ago, when the same funds grew by almost $1.2 billion. This amount was already almost a record for 2023; The new record is therefore all the more impressive.
Bitcoin spot ETFs are once again becoming the biggest target
The vast majority of the money ended up back in Bitcoin (BTC), $2,424 million to be precise. The majority of this flowed into the funds of the BlackRock subsidiary iShares, which manages the spot ETF IBIT. This fund now has a market value of more than $13 billion, according to data from The Block.
CoinShares also confirms that Grayscale’s GBTC spot ETF has actually shrunk at a slower rate. Last week, $623 million flowed out of this fund. That’s more than the week before, but less than the weeks before that. At that time, the weekly amount was regularly more than a billion dollars. These stock exchange funds are listed in the United States, in which more than 2.4 billion dollars have been invested.
In addition, Ethereum (ETH) exchange products received a net profit of $21.1 million, and Bitcoin short sales increased by $5.8 million. Exhibition products for Cardano (ADA) shrunk by $5.9 million and interest in other altcoins remained significantly low, especially compared to Bitcoin.
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