Crypto funds experienced their largest single-week inflow last week since July 2022, according to a report by CoinShares.
A staggering $326 million poured into the market, with Bitcoin-centric funds taking the lead by securing a substantial 90% of the total inflow, amounting to $296 million.
CoinShares attributed this surge in funds to the growing optimism among investors, who anticipate that the Securities and Exchange Commission is on the verge of granting approval for a spot bitcoin Exchange-Traded Fund (ETF). Notably, while these inflows exceeded recent monthly trends, CoinShares emphasized that they ranked only as the 21st largest on record.
The analysts at CoinShares interpreted this as a sign of continued caution among investors. Nevertheless, they expressed strong conviction that a spot-based ETF is now highly probable in the upcoming months, heralding a significant regulatory milestone for the cryptocurrency industry.
In a parallel trend, CoinShares reported a substantial influx of $24 million into Solana during the same week, with month-to-date inflows for Sol-based funds totaling nearly $70 million. The report further highlighted that although several alternative cryptocurrencies experienced positive net inflows, Ether was the exception, enduring an additional $6 million in outflows. Over the past month, Ether-based funds have witnessed net outflows surpassing $10 million, and the year-to-date figure stands at a substantial $125 million.
Conversely, Bitcoin has experienced a retracement of some of its gains from the previous week, with a 1.2% decline over the past 24 hours. At 2:30 p.m. ET, the world’s largest digital asset by market capitalization was trading at $34,357, according to data from CoinGecko.