Bitcoin hits 2-year high as crypto fund inflow nears $600M

Nancy Lubale5 hours agoBitcoin hits 2-year high as crypto fund inflow nears $600MInflows to crypto investment products nearly topped $600 million and reflect traders’ growing interest in Bitcoin and altcoins.3114 Total views6 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto investment products saw inflows totaling $598 million from institutional Bitcoin investment products over the past seven days, according to the latest report by CoinShares. Crypto exchange-traded products (ETPs) have now witnessed their fourth consecutive week of inflows.Bitcoin ETF inflows continue with a further US$598m last weekhttps://t.co/LxJ6BSBlH0— James Butterfill (@jbutterfill) February 26, 2024

According to CoinShares’ “Digital Asset Fund Flows Weekly” report published on Feb. 26. , the year-to-date inflows have now exceeded $5.7 billion as institutional investors are increasing Bitcoin exposure through the spot Bitcoin ETFs.

CoinShares Head of Research James Butterfill said,“Earlier in the week, total assets under management (AuM) peaked at US$68.3bn, the highest point since December 2021, although still a way off the US$87bn all-time high seen in November 2021.”Focus on Bitcoin and spot Bitcoin ETFs

The data follows heavy buying amid a market recovery driven by spot Bitcoin exchange-traded funds (ETF). Institutions deposited nearly $598 million into crypto products offered by BlackRock, ARK Invest, Grayscale, Bitwise, ProShares, Fidelity, and 21Shares between Feb. 19 and Feb. 23 before outflows briefly slowed toward the end of last week.Capital flows for crypto investment firms. Source: CoinShares

Bitcoin (BTC) funds saw the largest inflows for any cryptocurrency, with approximately $570 million, representing 95% of the total. Ether (ETH) was second, posting $16.8 million in inflows. Litecoin (LTC)andRipple’s XRP ETPs witnessed inflows of $1 million and $1.1 million, respectively.

Solana (SOL) bucked the overall trend, posting $3 million in outflows due to “recent outages,” which may have possibly “impacted sentiment” around the layer 1 token, according to CoinShares.Capital flows for crypto investment products. Source: CoinSharesU.S. saw weekly inflows of $609 million

In line with digital asset investment products witnessing increased inflows last week, CoinShares highlighted that current higher-cost spot issuers in the United States saw massive inflows, particularly into the new spot Bitcoin ETFissuers. Inflows into U.S.-based crypto products were $609.5 million, notwithstanding $436 million worth of outflows from Grayscale. We"ve just gone through the fourth consecutive week of inflows for digital asset investment products!

➡️ Last week inflows US$598m

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The USA is responsible for US$610m of inflows. #Bitcoin is once again dominating with US$570m inflows last week. However,… pic.twitter.com/fiXDBzC0al— CoinShares (@CoinSharesCo) February 26, 2024

Brazil and Switzerland registered minor inflows of $8.2 million and $2.1 million, respectively, while the Canadian market witnessed the largest outflows from digital asset investment products, shedding $17.8 million, followed by Sweden with $8 million in outflows.

Related:MicroStrategy adds 3K BTC as Bitcoin ETFs are poised to surpass gold ETFsBitcoin price rallies past $53,000

Increased inflows in Bitcoin products are in tandem with the recent price increase above $53,000 before a slight correction to $50,500. At the time of publishing, BTC had scaled past this level to set a new year-to-date high at $53,650.BTC/USD daily chart. Source: TradingView

The last time Bitcoin traded above $53,600 was over two years ago, on Dec. 3, 2021, when it dropped from a high of $57,872 before embarking on a downtrend that took the price to $16,600 in November 2022.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# ETF# Adoption# MarketsAdd reactionAdd reaction