Crypto enthusiasm is sky-high with whispers of a U.S. SEC approval for a Bitcoin ETF, fueling a six-week inflow bonanza in crypto investment products. 💸
Last week, the cash influx hit $261 million, bringing the half-dozen week haul to an eye-popping $767 million, per CoinShares’ latest dispatch. This influx bonanza has outstripped 2022’s entire inflow and is reminiscent of the 2021 crypto heyday.
Leading the pack, Bitcoin bagged $229 million last week, likely thanks to the U.S.’s lackluster economic figures.
Ethereum, breaking away from its recent outflow trend, boasted inflows of $17.5 million, its most impressive performance since August of the previous year. And Solana, one of 2023’s biggest movers, continued to woo investors, securing $11 million.
The U.S. investors, typically in the backseat to their European counterparts, took the reins last week, injecting $157 million into the market.
Bitcoin ETPs alone have amassed $842 million this year, buoyed by the potential for a spot-based ETF in the U.S. 🤯