Inflows into Bitcoin investment products reach $1.5B year-to-date

Inflows into digital asset products rose for a ninth consecutive week, according to CoinShares.

Bitcoin (BTC) exchange-traded products (ETPs) registered $312 million in inflows for the week of Nov. 24, bringing year-to-date inflows to around $1.5 billion, according to CoinShares. The weekly inflows for all cryptocurrencies totalled $346 million, continuing a nine-week trend of positive net flows.

Crypto ETPs experience inflows when their shares trade above the prices of their underlying assets, whereas they experience outflows when their shares trade below the value of their underlying assets. For this reason, inflows are often seen as a bullish indicator for the overall crypto market, whereas outflows are often seen as bearish.

Before Sept. 25, crypto ETPs had experienced outflows for several weeks, according to the report. But beginning in the week of Sept. 25-29, the sector began experiencing sustained weekly inflows. The amount of inflows also increased over time. The week ending Nov. 24 saw the largest inflows of the entire nine-week period.

Weekly crypto asset flows for the 47 weeks ending November 24. Source: Coinshares.

Coinshares stated that Canadian and German ETPs made up the largest portion of inflows for the week at 87%. U.S. inflows were subdued at $30 million.

Crypto funds as a whole now have $45.4 billion in assets under management (AuM), the highest in 18 months. 

In a previous report, CoinShares speculated that these recent inflows may be influenced by growing optimism that a U.S. spot Bitcoin ETF will be approved. On Nov. 22, Blackrock met with the U.S. Securities and Exchange Commission (SEC) in an attempt to make progress toward this goal. Grayscale met with the SEC for similar reasons.

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