United

Solana

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Digital asset investment products posted over $700 million in inflows during the week ending Feb. 2, reversing a prior week of outflows — due mainly to a flood of investors to Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) products in the United States, according to alternative asset manager CoinShares.&nbsp;
Inflows into the global digital asset product market amounted to $708 million, with United States-listed products making $720 million of inflows in the week. Bitcoin products, including the newly launched spot Bitcoin ETFs, accounted for most digital asset product inflows at $703 million, <a href="https://blog.coinshares.com/volume-168-digital-asset-fund-flows-weekly-report-16427d7d3235" target="_blank" rel="noopener nofollow">according</a> to the data.
The number is a reversal of outflows from the previous week, which totalled $499.7 million across all digital asset investment products.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/ec99631c-c5a5-415f-9d0d-e659e3a6a1a7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Inflows by asset for the week of Jan. 29. Source: CoinShares
 </figcaption>
</figure>
The United States’ newly issued spot exchange-traded funds (ETFs) saw $1.7 billion come in over the week, bringing total inflows since launch to $7.7 billion. CoinShares analyst James Butterfill also observed there has been a slow down in outflows from the Grayscale Bitcoin Trust.&nbsp;
<blockquote>
 “This [inflow into U.S. BTC ETFs] has been offset by outflows from incumbent issuers, which total US$6BN, but data highlight a significant reduction in momentum of these outflows.”
</blockquote>
The Grayscale Bitcoin Trust (GBTC) ETF sold off $926.7 million of BTC, and ProShares sold $108.9 million of BTC, but those outflows were offset the iShares (BlackRock) and Fidelity ETFs, which added $1.6 billion between them. 
<blockquote class="twitter-tweet">
 Digital asset investment products saw large inflows totalling US$708m last week! This brings year-to-date inflows to US$1.6bn and total global assets under management to US$53bn. Trading volumes in ETPs fell to US$8.2bn (compared to US$10.6bn the prior week), but… <a href="https://t.co/phsy5zjnTf">pic.twitter.com/phsy5zjnTf</a>— CoinShares (@CoinSharesCo) <a href="https://twitter.com/CoinSharesCo/status/1754516349693407284?ref_src=twsrc%5Etfw">February 5, 2024</a>
</blockquote> 
The BTC price <a href="https://cointelegraph.com/news/bitcoin-price-drops-hour-us-payrolls">took a hit last week</a> with indications that the U.S. Federal Reserve may keep interest rates high for the foreseeable future.&nbsp;
Related: <a href="https://cointelegraph.com/news/riot-terawulf-cleanspark-miners-bitcoin-halving-coinshares">Riot, TeraWulf and CleanSpark best-positioned miners for Bitcoin halving — CoinShares</a>
Per CoinShares data, Solana-focused ETPs topped its altcoin competitors with $13 million coming in, compared to Ethereum’s $6.4 million and Avalanche’s $1.3 million. Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) saw an outflow of $6.4 million.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/8e151788-e796-4eb5-b749-1fa574a4e4da.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total inflows to digital asset products for the week of Jan. 29. Source: CoinShares
 </figcaption>
</figure>
Canadian crypto ETPs saw the biggest outflow nationally, with $31.3 million traded away. Sweden-listed products came in second with $8.2 million in outflows, continuing a streak of outflows from the prior week. Meanwhile, the flows reversed in Germany, Switzerland and the United States. Switzerland saw a dramatic turnaround, with $59.8 million going out two weeks ago and $20.9 million coming in last week.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-etf-guru-eric-balchunas-last-laugh-doubters-x-hall-of-flame/">Bitcoin ETF guru Eric Balchunas has the last laugh at doubters: X Hall of Flame</a>

Bitcoin drives crypto ETP market flows as Grayscale sell-off slows

Cointelegraph

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