Once Since the first 11 American spot ETFs for Bitcoin (BTC) became available on the stock exchange in early January, many of these funds have grown rapidly. But Grayscale’s GBTC is a big exception here. This fund shrank significantly last week, but other stock market funds have grown significantly.
Crypto exchange funds have grown tremendously
This is according to CoinShares’ weekly research report. Last week, the stock market funds examined grew by a net amount of $708 million. It was the third week of inflows this year, and only the week of the approval of the 11 new exchange traded funds saw larger inflows than last week.
The new ETFs have grown by $1.9 billion in the last 4 weeks. This suggests that some other funds actually contracted significantly, which they did. The lion’s share of that came from Grayscale, whose funds saw a combined exit of $926.7 million.
Last week, Grayscale’s exodus caused some unrest and even a small share price decline, but that didn’t seem to dampen optimism too much. Funds at Fidelity and BlackRock subsidiary iShares grew by $883.5 million and $674.3 million, respectively.
ProShares ETFs grew by $108.9 million. Smaller and therefore unnamed stock market funds grew by $235.6 million – based on this volume, this will also include many spot ETFs.
Bitcoin is the most popular again
It is also noticeable that the focus is still heavily on Bitcoin, which has raised $702.7 million in capital. The other funds only netted $5.1 million. Solana (SOL) funds received $13.4 million, and multi-asset exchange products grew by $2.4 million.
The funds where Bitcoin is in short supply have actually shrunk by $5.3 million. This suggests that sentiment is positive as traders are less willing to target a falling price. However, the performance of exchange products for other altcoins remained very subdued. Ethereum (ETH) prices have even fallen by $6.4 million, appearing to continue last year’s significant downward trend.
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