Global publicly traded crypto funds saw a significant increase in fresh capital of more than $61 million on Monday, comparable to more than 10% of this year's net deposits into such funds.
Global publicly traded crypto funds saw a significant increase in fresh capital of more than $61 million on Monday, comparable to more than 10% of this year's net deposits into such funds.
The majority of the assets, approximately $57 million, were channeled towards Bitcoin (BTC) investments, spurred by rising investor demand for a Bitcoin spot ETF in the United States. This comes as Bitcoin surged past $35,000 momentarily, for the first time since May last year. Excitement surrounding the potential approval of the ETFs likely triggered the spike, with BlackRock’s iShares Bitcoin ticker reportedly listed on the Depository Trust & Clearing Corporation (DTCC).
The biggest sources of these inflows were Germany and Canada, with Germany's ETC Group receiving $24.3 million and Canada's Purpose Investments receiving $10.9 million. In addition, 21Shares AG took about $11.8 million. Meanwhile, the United States Court of Appeals has directed the SEC to reconsider Grayscale's Bitcoin ETF application, heightening the competition among prominent firms hoping to launch a spot Bitcoin ETF.
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