Institutional investors have poured $598 million into crypto investment products over the past week, according to a report by CoinShares. This marks the fourth consecutive week of inflows for crypto exchange-traded products (ETPs). In total, year-to-date inflows have surpassed $5.7 billion as institutional investors continue to increase their exposure to Bitcoin through spot Bitcoin ETFs.
The report reveals that institutions have been heavily buying into crypto products offered by BlackRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares. These firms received nearly $598 million in deposits between February 19 and February 23, with outflows slowing down towards the end of the week.
Bitcoin funds accounted for the largest inflows, with approximately $570 million, representing 95% of the total. Ether saw the second-largest inflows at $16.8 million, followed by Litecoin and Ripple’s XRP with $1 million and $1.1 million, respectively. However, Solana experienced outflows of $3 million due to recent outages, which may have affected sentiment around the token.
In the United States, spot Bitcoin ETF issuers witnessed massive inflows, leading to total inflows of $609.5 million for U.S.-based crypto products. However, Grayscale saw outflows of $436 million. Brazil and Switzerland saw minor inflows of $8.2 million and $2.1 million, respectively, while Canada and Sweden experienced outflows of $17.8 million and $8 million.
The increased inflows into Bitcoin products align with the recent price surge above $53,000, which reached a new year-to-date high of $53,650. This is the first time Bitcoin has traded above $53,600 since December 3, 2021. The cryptocurrency then experienced a significant downtrend, dropping to $16,600 in November 2022.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.