CoinShares Report: Investors Remain Bullish on Bitcoin Despite Market Downturn
A report by CoinShares on the performance of Bitcoin investment products sheds new light on how the recently launched spot Bitcoin ETFs, together with bullish investment, have helped the products post all-time high inflows last week.
Published yesterday, the digital asset manager’s findings indicate that last week, Bitcoin investment product inflows hit $2.9 billion, setting a new all-time high (ATH) from the preceding week, when inflows amounted to $2.7 billion.
Altogether that takes the year-to-date’s (YTD) total inflows to $13.2 billion. This is significant because barely three months have passed and Bitcoin investment product inflows for 2024 already exceed 2021’s total of $10.6 billion.
Trading volumes hit $43 billion over the week, which is the same volume posted the preceding week. This figure comprises 47% of overall Bitcoin volumes, meaning nearly half of Bitcoin’s entire trading volume last week was due to institutional trades for investment products tracking BTC’s price.
The US accounted for virtually all of the $2.95 billion inflows last week. Relatively speaking, inflows posted by other countries are minuscule. Australia accounted for $5 million, Hong Kong saw $15 million inflows and Brazil posted $24 million.
Total outflows for the year-to-date add nuance to the picture, with $685m leaving Bitcoin investment products so far.
Bitcoin itself (as opposed to Bitcoin investment products) saw $2.86 billion of inflows last week. The world’s favorite cryptocurrency currently accounts for 97% of all crypto inflows YTD. On the other hand, cryptocurrencies attached to high-functionality smart contract protocols like Ethereum all saw outflows.
Ethereum, Solana and Polygon saw outflows of US$14m, US$2.7m and US$6.8m
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