Bitcoin

Optimism

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Digital asset investment products <a aria-label="saw $199 million (opens in a new tab)" href="https://blog.coinshares.com/volume-137-digital-asset-fund-flows-weekly-report-a6eaca3b9dd9" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">saw $199 million</a> in inflows last week, ending 9 consecutive weeks of net outflows—the biggest net inflows in nearly a year come amid <a href="https://tokenist.com/how-blackrocks-etf-application-has-already-changed-the-crypto-market/" rel="dofollow" class="deco-link">growing institutional investors’ interest</a> in digital assets, propelled by BackRock’s spot bitcoin ETF application.</p> 
<h3 id="bitcoin-funds-accounted-for-94-of-inflows-last-week">Bitcoin Funds Accounted for 94% of Inflows Last week</h3> 
<p>Inflows in digital asset investment funds surged to $199 million last week after BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) led to a <a href="https://tokenist.com/microstrategys-shares-up-122-ytd-as-bitcoin-hovers-near-30k/" rel="dofollow" class="deco-link">significant improvement in crypto market sentiment</a>. This marks the largest weekly inflows since July 2022.</p> 
<p>During the same week, trading volumes in exchange-traded products (ETP) were $2.5 billion, 170% of the average in 2023. This major improvement in investor optimism ended nine consecutive weeks of outflows.</p> 
<p>Bitcoin accounted for most inflows (94%), seeing $188 million last week. Short-bitcoin investment products recorded outflows for the 9th straight week, totaling $4.9 million</p> 
<p>Meanwhile, Ethereum-related funds saw $7.8 million in inflows during the week, representing around 0.1% of assets under management (AUM). compared to Bitcoin’s inflows at 0.7%. This implies that inventors’ interest in Bitcoin is notably higher.</p> 
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<h3 id="growing-institutional-confidence-fuels-crypto-market-optimism">Growing Institutional Confidence Fuels Crypto Market Optimism</h3> 
<p>The significant shift in fund flows comes amid the latest <a href="https://tokenist.com/coinbase-up-3-8-as-bitcoin-nears-29000-amid-etf-hype/" rel="dofollow" class="deco-link">institutional hype</a> in the crypto market. To be more specific, earlier this month, the world’s biggest asset manager <a href="https://www.reuters.com/business/finance/blackrock-close-filing-bitcoin-etf-coindesk-2023-06-15/" target="_blank" aria-label="BlackRock filed (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">BlackRock filed</a> with the Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF.</p> 
<p>This <a aria-label="was followed (opens in a new tab)" href="https://www.cnbc.com/video/2023/06/21/bitcoin-pops-wisdomtree-invesco-join-bitcoin-etf-rush-cnbc-crypto-world.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">was followed</a> by several other traditional finance (TradFi) firms, including Invesco, WisdomTree, and crypto index manager Bitwise Asset Management. All three companies have seen their previous Bitcoin ETF filings rejected.</p> 
<p>If approved, the rollout of BTC ETF funds managed by such high-profile financial giants could drive further institutional crypto adoption and lead to a substantial shift in the market landscape. Institutional investors are crucial because of their significant financial resources and potential impact on market stability and economic growth.</p> 
<p>Since BlackRock filed for Bitcoin ETF on June 15, the price of Bitcoin surged roughly 20% and surpassed the $30,000 mark for the second time this year. When writing, the leading cryptocurrency was trading at $30,329.</p> 
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<p><em><strong>Where do you see Bitcoin’s price at the end of 2023 if the ongoing institutional crypto adoption gains momentum? Let us know in the comments below. </strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/199m-flows-into-digital-asset-funds-in-a-week-after-blackrocks-bitcoin-etf-application/">$199M Flows into Digital Asset Funds in a Week After BlackRock’s Bitcoin ETF Application</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

$199M Flows into Digital Asset Funds in a Week After BlackRock’s Bitcoin ETF Application

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