Bitcoin ETPs (exchange-traded products) recorded 98% of the total digital assets investment inflows in the previous week. The total amount of Bitcoin-ETP inflows stood at $123 million. On the other hand, the total combined inflows hit $125 million.
As a result, the year-to-date inflows total $158 million. Two weeks ago in mid-June, Bitcoin ETPs had until then, $172 million in year-to-date net inflows. A closer look and evaluation of the CoinShares report indicates a reversal in both ETP sentiments and the recent barrage of Bitcoin ETF applications.
Investment products in the digital assets sector recorded their highest inflows in July 2022. However, the last two weeks have managed to add $334 million to the total inflow of cryptocurrency ETPs. In fact, 98% of all these inflows were added to Bitcoin ETFs. This data suggests that investors are bullish, particularly given that the inflows have continued into the second week. The market sentiment is already green and positive, highlighting optimism as everyone looks forward to the approval of these ETFs.
In the heat of these recent fillings and the backdrop of Blackrock’s ETF, Bitcoin has managed to float above $30K for the third week. In fact, BTC and ETH have both recorded 1.04 and 4.32 percentages respectively. Assets under crypto investment products went to $37 billion. These assets have been that high since June 2022. In addition, crypto ETPs trading volume attained $2.3 billion in the previous week. Another valuable milestone is the increase of the year-to-date weekly average to $1.5 billion.
For a long period, short-BTC exchange-traded funds have been the top-performing as the leading year-to-date inflows. Which is nearly $60 million in value. Last week’s increase in cryptocurrency prices saw these investment products record their 10th week of outflows at $0.9 million.
To conclude, Ethereum exchange-traded funds attracted $2.7 million in weekly inflows. Cardano, Polygon and Ripple each recorded minor inflows, Solana hit $0.8 million in outflows while multi-asset ETFs recorded $1.8 million in outflows.
Mubashir Ahmed is a multifaceted market analyst with extensive knowledge of the blockchain industry. He is proficient in market analysis and blockchain technology, having had experience with numerous projects in the space. He has a deep understanding of the Cryptocurrency industry, its trends, and how to best approach investing in it.
