Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock's IBIT Leads: CoinShares
Inflows accelerated last week, indicating increasing demand for the new spot-based exchange-traded funds, CoinShares head of research James Butterfill said.
- Overall, a record $2.5 billion flowed into crypto exchange-traded products last week, with bitcoin funds responsible for 99% of all the inflows, CoinShares reported.
- Outflows from Grayscale's GBTC were compensated by massive allocation to BlackRock's IBIT and Fidelity's FBTC.
Demand for bitcoin exchange-traded funds (ETF) accelerated again last week as they raked in a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products, crypto asset management firm CoinShares said Monday.
Allocations to the newly approved U.S.-based spot bitcoin ETFs overwhelmed the $623 million outflows from Grayscale's Bitcoin Trust (GBTC), the incumbent fund that converted into an ETF structure. BlackRock's IBIT and Fidelity's FBTC attracted $1.6 billion and $648 million over the past week, respectively.
"This represents a significant acceleration of net inflows, distributed widely among various providers, indicating an increasing interest in spot-based ETFs," said James Butterfill, CoinShares' head of research.
Soaring demand for new bitcoin ETFs occurred as BTC hit $52,000 for the first time since December 2021, and investors are eyeing new all-time highs for the largest crypto later this year.
Read more: 2 Reasons Bitcoin Could Challenge Record High of $69K Before Halving
Weekly inflow into the wider crypto asset class also hit a record, the CoinShares report noted. Bitcoin accounted for 99% of total net inflows into crypto funds, with ether products experiencing the second-largest inflow of $21 million, according to the report.
Meanwhile, blockchain equity ETFs suffered a $167 million outflow, signaling investors took profits, CoinShares said.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
