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In a tumultuous week for crypto prices, bitcoin exchange-traded funds (ETFs) received nearly $2 billion in BTC deposits, according to a new report from CoinShares.
The price of Bitcoin It dropped below $69,000 On Friday, before stabilize the following Hotter than expected data from the US Department of Labor. And as Bitcoin goes, so does the rest of the crypto market.
All the while, Bitcoin ETFs were booming. Such funds are seen together $1.97 billion worth of bitcoin inflows came in last week, the third largest daily inflow since June 3. The amount of digital assets that come in are deposited into exchange-traded products like ETFs, and are sold, traded, bought or owned by owners who want to move their money across different wallets.
Bitcoin ETF revenues will total nearly $17 billion by 2024, with the majority of Bitcoin activity in the United States.
Overall, last week was the best overall for crypto funds since March, with a total of just over $2 billion — most of which came from Bitcoin funds. That's a huge jump from last week's $185 million gross.
Solana had $700,000 worth of activity last week, with Ethereum funds making a total of $69 million. Over the past five weeks, assets worth $4.3 billion have flowed into crypto funds, with crypto ETP trading volume up 55 percent compared to the previous week.
“Unusual, outflows across all providers have been observed, while outflows from incumbents have continued to slow,” he wrote. CoinShares In the weekly blog. “This shift in sentiment is a direct response to weaker-than-expected macro data in the US, which we believe will drive forward monetary policy rate expectations.”
However, short Bitcoin funds – which are pegged against the world's largest crypto asset – saw their exit for the third week in a row. Investors had withdrawn $5.3 million as of Friday.
It follows news that open interest in Bitcoin reached a new high of nearly $38 billion last Thursday. Alongside that bullish long-short ratio, there is positive speculation that Bitcoin could reach an all-time high in the coming weeks, after previously setting a high above $73,700 in March.
That also comes with expectations that lower interest rates in the US and Europe will spur capital inflows into risk assets.
Edited by Andrew Hayward and Stacy Elliott
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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