Cryptocurrency investment products witnessed a reversal in fortunes, with inflows amounting to $130 million in the week ending on May 6, according to the latest report from CoinShares. Institutional investors increased their exposure to digital assets, contributing to the total inflows in crypto investment products. Bitcoin investment funds were the main beneficiaries, receiving $144 million in inflows. CoinShares’ report also highlighted a decrease in weekly trading volumes, from an average of $17 billion in April to $8 billion in the week ending May 10. The data comes after heavy selling and uncertainties surrounding US inflation data. Institutions poured nearly $116.8 million into spot Bitcoin ETFs between May 6 and May 10, as the exodus from Grayscale’s GBTC slowed down. Institutional capital continued to flow into US spot Bitcoin ETFs, with the largest-ever inflow since May 6. Fidelity, Bitwise, and VanEck’s spot Bitcoin ETF funds were the only products that contributed to the inflows. The State of Wisconsin Investment Board also revealed its exposure to spot Bitcoin investment, purchasing shares of BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin Trust. Bloomberg’s senior ETF analyst, Eric Balchunas, believes that the Board’s interest in spot Bitcoin ETFs is a positive sign for the market and expects more institutions to follow suit. This move by the Wisconsin Investment Committee could indicate a growing adoption of crypto investment products in traditional finance firms.
Crypto Investment Vehicles Attract $130 Million as New Spot Bitcoin ETF Applicants Emerge
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