CoinShares’ latest report reveals that institutional Bitcoin investment products received inflows totaling $598 million in the past week. This marks the fourth consecutive week of inflows for crypto exchange-traded products (ETPs).
The year-to-date inflows have now surpassed $5.7 billion, as institutional investors continue to increase their exposure to Bitcoin through spot Bitcoin ETFs. Notably, BlackRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares saw significant deposits of nearly $598 million between February 19 and February 23.
Bitcoin funds dominated the inflows, accounting for approximately $570 million, which represents 95% of the total. Ether followed with $16.8 million in inflows, while Litecoin and Ripple’s XRP ETPs received $1 million and $1.1 million in inflows, respectively.
However, Solana experienced outflows of $3 million due to recent outages, which may have affected sentiment around the layer 1 token.
In the United States, higher-cost spot issuers witnessed massive inflows, particularly in the new spot Bitcoin ETF issuers. U.S.-based crypto products received inflows of $609.5 million, despite $436 million worth of outflows from Grayscale. On the other hand, Brazil and Switzerland saw minor inflows of $8.2 million and $2.1 million, respectively. The Canadian market recorded the largest outflows from digital asset investment products, shedding $17.8 million, followed by Sweden with $8 million in outflows.
The increased inflows in Bitcoin products align with the recent price surge above $53,000, reaching a new year-to-date high of $53,650. This level was last seen over two years ago in December 2021.
It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.