Bitcoin hit a 2-year high as crypto fund revenue approaches $600 million
Crypto investment products have seen a total of $598 million in revenue from institutional Bitcoin investment products over the past seven days, according to a recent report by CoinShares. Crypto exchange-traded products (ETPs) have now seen their fourth consecutive week of inflows.
Bitcoin ETF earnings continue last week with $598 millionhttps://t.co/LxJ6BSBlH0
— James Butterfill (@jbutterfill) February 26, 2024
According to the CoinShares “Digital Asset Fund Flow Weekly” report published on February 26, year-to-date inflows now exceed $5.7 billion as institutional investors increase exposure to Bitcoin through Bitcoin ETFs.
According to CoinShares head of research James Butterfill
“At the start of the week, total assets under management (AuM) rose to US$68.3bn, the highest point since December 2021, although still well below the peak of US$87bn seen in November 2021.
Focus on Bitcoin and focus on Bitcoin ETFs
The data follows heavy buying among spot Bitcoin exchange-traded funds (ETF)-led market recovery. Institutions invested nearly $598 million in crypto products offered by BlaRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity and 21Shares between February 19 and February 23.
Bitcoin (BTC) funds saw the largest revenue of any cryptocurrency at approximately $570 million, representing 95% of the total. Ether (ETH) was second, posting $16.8 million in revenue. Litecoin (LTC) and Ripple's XRP ETPs saw revenues of $1 million and $1.1 million respectively.
Solana (SOL) bucked the trend, posting $3 million in outflows “due to recent outages,” which may have “impacted sentiment” around the Layer 1 token, according to CoinShares.
The US grossed $609 million weekly.
In line with digital asset investment products showing a surge in inflows last week, CoinShares highlighted that high-value space providers in the United States saw significant inflows, particularly into the new space of Bitcoin ETF issuers. Despite $436 million in spending from Grayscale, $609.5 million went into US-based crypto products.
We've passed the fourth consecutive week of revenue streams for digital asset investment products!
➡️ 598 million dollars in revenue last week.
– Variable –
The USA is responsible for US$610m of revenues. #Bitcoin dominates again last week with US$570m in revenue. However,… pic.twitter.com/fiXDBzC0al
— CoinShares (@CoinSharesCo) February 26, 2024
Brazil and Switzerland recorded the least revenue of $8.2 million and $2.1 million, respectively, while the Canadian market generated the highest revenue from digital asset investment products at $17.8 million, followed by Sweden with $8 million.
RELATED: Microstrategy Adds 3K BTC As Bitcoin ETFs Poised To Outpace Gold ETFs
The price of Bitcoin has exceeded 53,000 dollars
The price increase in Bitcoin products was similar to $50,500 before a slight correction above $53,000. At the time of publication, BTC has surpassed this level to reach a new year high of $53,650.
The last time Bitcoin traded above $53,600 was two years ago, in It dropped from a high of $57,872 on December 3, 2021 and took its price to $16,600 in November 2022.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.