Bitcoin ETF Hype Is “Moderating,” Says CoinShares
European digital asset manager CoinShares claims Bitcoin ETF hype is slowing down despite the asset’s latest return above $71,000 per coin.
In a Monday blog post, the firm highlighted how the biggest Bitcoin funds are still posting sizable inflow figures – but smaller than they were at their peak in early March.
“Volumes last week declined to US$17.4bn for the week compared to US$43bn in the first week of March,” wrote CoinShares Head of Research James Butterfill.
Flows to digital asset products for the week totaled $646 million, the vast majority of which were to gain Bitcoin exposure over other cryptos.
Year to date, that figure rose to $13.8 billion – the highest amount ever, even surpassing the $10.6 billion inflows seen in 2021. Most of those flows have been absorbed by the handful of Bitcoin spot ETFs approved in January, which have soaked up $12.6 billion in net flows since launch.
The total volume traded by those ETFs in March surpassed $111 billion, shattering figures from the prior two months.
Spot Bitcoin ETF volumes soared to $111 billion in March, almost tripling the volume for the previous month,
Read more on cryptonews.com
