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.Allocations to the newly approved U.S.-based spot bitcoin ETFs overwhelmed the $623 million outflows from Grayscale's Bitcoin Trust , 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.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 etherin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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