Bitcoin ETFs set a new record in weekly revenue of over $3.1B
Bitcoin exchange-traded funds (ETFs) in the United States-based space hit record highs in weekly gains, indicating continued investor enthusiasm amid Bitcoin's parabolic rally.
Spot bitcoin (BTC) ETFs saw net inflows of $3.38 billion for the week of Nov. 18 to 22, according to crypto tracking platform SoSoSoValue, a 102 percent increase from the previous week's inflows of $1.67 billion.
The figure represents the highest recorded weekly returns for spot Bitcoin ETFs. It also marks the seventh consecutive week of positive flows, according to SoSoSoValue.
Weekly Total Net Returns for Spot Bitcoin ETFs. Source: SoSoValue
BlackRock's iShares Bitcoin Trust (IBIT) As of Nov. 22, it leads the pack with net assets of $48.95 billion and total inflows of $31.33 billion. Meanwhile, the Greyscale Bitcoin Trust ETF, despite holding $21.61 billion in net assets, has seen more than $20 billion in withdrawals since its inception.
Digital asset products have registered up to $37 billion year over year.
According to data from crypto investment company CoinShares, digital asset investment products have generated $37 billion in revenue year-to-date.
ETF revenues were primarily driven by Bitcoin ETFs and surpassed initial gold ETFs, which attracted just $309 million in the first year of trading.
CoinShares reports that flows into the US have been moderated by other countries such as Germany, Sweden and Switzerland. According to CoinShares, the recent BTC price high was seen as an opportunity to profit rather than doubling a position.
CoinShares data estimates total Bitcoin ETF revenue for the week at $3.12 billion.
Short-Bitcoin products also hit $10 million in revenue, indicating some investors are grappling with potential downside risk. Meanwhile, markets in Australia, Canada and Hong Kong were all optimistic, posting about $70 million in revenue.
Related: New Satoshi theory suggests there was a 2010 megawhale.
Bitcoin reached a new all-time high of $99,655
The increase in weekly earnings comes as BTC registers a new all-time high before undergoing a minor correction. According to Cointelegraph Markets Pro data, on November 22, BTC hit a new price record of $99,655.50.
Despite this, the crypto asset has yet to cross $100,000, a much awaited milestone for the crypto community. The property currently trades for $98,459.95.
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