Digital assets manager CoinShares says institutions are buying into Bitcoin (BTC) and crypto by the billions in the wake of last week’s landmark spot BTC exchange-traded fund (ETF) approval.
In its latest Digital Asset Fund Flows report, CoinShares finds that BTC investment products dominated $1.18 billion in inflows last week after the spot BTC ETF approval from the U.S. Securities and Exchange Commission (SEC).
“Digital asset investment products saw $1.18 billion inflows last week (subject to T+2 settlement), although this did not break the record set at the launch of the futures-based Bitcoin ETFs which totaled $1.5 billion back in October 2021.”
While the inflows weren’t an all-time record, according to the digital assets manager, exchange-traded product (ETP) volumes did set a record last week.
“ETP Trading volumes did break records though, trading $17.5 billion last week, the highest on record, compared to an average of $2 billion per week in 2022.”
In step with its dominant market share, BTC took home most of the inflows, racking up $1.16 billion in total.
Ethereum (ETH) and other altcoins also performed well across the board. ETH saw $25.7 million in inflows, while multi-asset investment vehicles brought in $5.6 million. XRP, Cardano (ADA), Litecoin (LTC), Solana (SOL) and Polkadot (DOT) saw inflows of $2.2, $1.4, $0.8, $0.5 and $0.2 million, respectively, CoinShares reports.
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