Zhitong
2023.11.27 23:34
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Spot Bitcoin ETF approval expected to heat up, funds flowing into digital assets for 9 consecutive weeks

Zhitong App has learned that the expectation of the United States launching a spot Bitcoin exchange-traded fund (ETF) has led to a surge in funds flowing into digital asset investment products for the ninth consecutive week. This marks the largest influx of funds since the cryptocurrency bull market at the end of 2021. According to data from CoinShares, these products, such as trusts and exchange-traded products, saw a total inflow of $346 million last week, with Canada and Germany contributing 87% of the total.

Zhitong App has learned that the expectation of the United States launching a spot Bitcoin exchange-traded fund (ETF) has led to a surge in funds flowing into digital asset investment products for the ninth consecutive week. This is the largest inflow of funds since the cryptocurrency bull market at the end of 2021. According to data from CoinShares, these products, such as trusts and exchange-traded products, saw an inflow of $346 million last week, with Canada and Germany contributing 87% of the total. CoinShares' report indicates that only $30 million came from the United States, suggesting that U.S. investor participation is still low.

Since early October, as traditional asset management companies such as BlackRock prepare to launch spot Bitcoin ETFs, the cryptocurrency market has soared, which may attract more investors. Any ETF application must be approved by the U.S. Securities and Exchange Commission (SEC).

According to the CoinShares report, "The price increase, coupled with the inflow of funds, has pushed the total assets under management to $45.3 billion, the highest in over a year and a half."

Last week, the inflow of funds into Bitcoin products reached $312 million, pushing the total inflow of funds this year to over $1.5 billion. Ethereum products saw an inflow of $34 million last week, almost offsetting the outflows for the entire year of 2023.