Bitcoin ETF

Bitcoin

Bitcoin was a pacesetter as the U.S. dominated inflows to crypto-based products between Feb. 12 and Feb. 16, with 2024 YTD numbers hitting $5.2 billion. 
Digital asset investment vehicles took in $2.4 billion weekly, setting a record for weekly flows and returning assets under management (AUM) to levels last seen in December 2021 at the peak of crypto’s previous bull cycle. Total AUM rose to a 780-day high at $67 billion. 
<a href="https://blog.coinshares.com/volume-170-digital-asset-fund-flows-weekly-report-1ec8ffde2dda" target="_blank" rel="noreferrer noopener">CoinShares</a> data showed that Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and the U.S. accounted for about 99% of the week’s inflows, signaling demand for spot crypto products from issuers like BlackRock and Fidelity. In under two months, the two Wall Street giants account for over $10 billion of the roughly $14 billion amassed by new spot Bitcoin ETF providers. 
Bitcoin ETFs have clocked $5 billion in net inflows since Jan. 11 and nearly $2 billion in total value traded, while Grayscale’s GBTC has lost $7 billion. 
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 <img loading="lazy" decoding="async" width="1019" height="627" src="https://crypto.news/app/uploads/2024/02/Screenshot-256.png" alt="Bitcoin" class="wp-image-14250321">
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 Bitcoin ETF flows | Source: CoinShares
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 You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-are-here-whats-next-regulating-defi-opinion/"> Spot Bitcoin ETFs are here. What’s next? Regulating defi? | Opinion </a> 
Inflows into these spot BTC funds show investors are betting on higher prices, but some traders are also hedging their bets and looking to generate profits from short-term price downturns. According to the report, investors added $5.8 million to Bitcoin’s short positions.&nbsp; 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) posted the second-largest fund intake at $21 million in inflows as investors and speculators await a decision from the U.S. SEC on spot ETH ETFs. Punters on decentralized prediction venue Polymarket have locked $1.3 million in a smart contract titled “Ethereum ETF approved by May 31?”. 
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 <img loading="lazy" decoding="async" width="1024" height="605" src="https://crypto.news/app/uploads/2024/02/Screenshot-255-1024x605.png" alt="Ethereum" class="wp-image-14250322">
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 Punters bet on Ethereum ETF | Source: Polymarkets
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Successful spot BTC ETF issuers have submitted bids for the same product underpinned by defi’s leading blockchain asset. However, SEC chair Gary Gensler has hinted that <a href="https://crypto.news/asset-managers-predict-50-50-chance-for-ethereum-etf-approval-by-may/" target="_blank" rel="noreferrer noopener">Ethereum ETFs</a> may not turn out like their Bitcoin counterparts, as decisions on these products have been <a href="https://crypto.news/sec-pushes-back-deadline-for-decision-on-the-invesco-and-galaxy-ethereum-etf/" target="_blank" rel="noreferrer noopener">pushed</a> back to May. 
Other Commissioners like Hester Peirce, known as “crypto mom”, have urged the securities regulator to avoid another debacle.&nbsp; 
 Read more: <a href="https://crypto.news/hester-peirce-opposes-new-sec-proposal/"> Hester Peirce opposes new SEC proposal on crypto custody </a>

Bitcoin drives record $2.4b weekly digital asset investment inflows

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