Bitcoin leads largest crypto funds inflow since July 2022, CoinShares says

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By BitcoinWiki News

Key Takeaways:

  • Crypto funds saw the largest single-week inflow since July 2022, with over $326 million coming in
  • Bitcoin-based funds took 90% of the inflowing capital, totaling $296 million
  • The increased inflow was driven by rising optimism from investors for the approval of a spot bitcoin ETF by the SEC
  • Although the inflows were higher than recent months, it ranked as the 21st largest on record
  • Analysts believe a spot-based bitcoin ETF is highly likely in the coming months
  • Solana saw a significant inflow of $24 million last week, while ether-based funds saw outflows of $6 million
  • Bitcoin has retraced some of its gains, down 1.2% in the past 24 hours, trading at $34,357

Crypto funds experienced their largest single-week inflow since July 2022, with over $326 million coming in, according to CoinShares data. Bitcoin-based funds accounted for 90% of the inflowing capital. CoinShares attributed the increased inflow to rising investor optimism that the Securities and Exchange Commission would approve a spot bitcoin ETF. However, the amount of inflow ranked as only the 21st largest on record. CoinShares analysts believe that a spot-based ETF is highly likely in the coming months, which would represent a significant regulatory change for the industry.

Ether-based funds saw week-on-week declines, with a net outflow of $6 million. In contrast, there was a significant inflow of $24 million into Solana, with month-to-date inflows for Sol-based funds totaling almost $70 million. Other altcoins also saw positive net inflows.

Bitcoin’s price has retraced some of last week’s gains and is down 1.2% in the past 24 hours, trading at $34,357.

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