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Bitcoin Soars as Crypto ETPs Record $2.7 Billion Weekly Inflows

March 13, 2024
in Technology
Bitcoin Soars as Crypto ETPs Record $2.7 Billion Weekly Inflows
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Bitcoin has set a new all-time high record above $72,000, sparking a bullish trend in the crypto market. Notably, this trend has resulted in record-breaking weekly inflows into crypto funds. Also, crypto exchange-traded products (ETPs) benefit from the wave of positivity in the crypto market. 

Crypto Analyst Highlights Increase in Crypto Investments

In a recent blog post, CoinShares Crypto analyst James Butterfill disclosed that crypto investment products generated an impressive $2.7 billion in inflows as of March 8. 

Also, the year-to-date data revealed that crypto ETPs have generated $10.3 billion in inflows. So, the year-to-date data is nearly equal to the total of $10.6 billion worth of inflows recorded in crypto ETPs throughout 2021.

Bitcoin makes up most of this figure, with $2.6 billion in inflows recorded on the year-to-date charts. 

Also, Bitcoin inflows represent 14% of worldwide crypto-affiliated assets under management (AUM). Remarkably, Bitcoin rallied to a new all-time high value of $72,900 on March 11, sending the crypto market into a positive phase. Data from Tradingview.com revealed that Bitcoin retraced today to $69,505. 

However, BTC still retains a 49.4% increase in the past month. Additionally, BTC has gained 8.5% in the past week as buyers continue to dominate its price. The rising investments in Bitcoin exchange-traded funds (ETFs) in the United States drive these inflows into crypto ETPs.

Over $110 billion has been recorded as the total volume traded for Bitcoin ETFs. Confirming this trend, Bloomberg ETF analyst James Seyffart noted that five U.S. spot Bitcoin ETFs hold over $2 billion worth of assets under management (AUM).  

We now have five US spot #bitcoin ETFs over $2 billion in assets with $BITB joining the club

Out of ~3,500 US ETPs there are only 445 with over $2 billion in assets

Going a step further — only 157 have more than $10 Billion. $GBTC & $IBIT are there. $FBTC is getting close https://t.co/Yc7N3OBquH

— James Seyffart (@JSeyff) March 11, 2024

According to Seyffart, out of approximately 3,500 US ETPs, there are only 445 with over $2 billion in assets. Also, only 157 of these crypto products have more than $10 billion, and in this category are GBTC and IBIT.

In addition, one of the ETF providers, Bitwise, noted that their product BITB crossed $2 billion in assets under management two months after its launch. 

This is the most significant inflow on record for any crypto specialist, with an average daily trading volume exceeding $90 million. So, the inflows in Bitcoin ETFs have recently boosted the weekly inflows of crypto ETPs.

Also, crypto analyst Tony Sycamore shared a post noting that Bitcoin continued to break new ground due to the rising inflows into the Bitcoin ETFs.

#Bitcoin Wave iii of III, straight from the Elliott Wave manual, continues to break new ground, supported by ongoing inflows into the newly minted Bitcoin ETFS#BTC #CRYPTO pic.twitter.com/Gb2evAPtRk

— Tony Sycamore_IG (@Tony_Sycamore) March 11, 2024

London Stock Exchange Accepting Applications for Bitcoin and Ether Exchange Traded Notes 

Even though BTC has retraced today, there’s still hope for a rebound. The London Stock Exchange (LSE) announced that it will begin to accept applications for Bitcoin and Ether crypto exchange-traded notes (ETNs). According to the announcement, this process will start in the second quarter of 2024.

On March 11, the LSE confirmed that it would accept applications that comply with the guidelines detailed in its crypto ETN admission Factsheet. 

Nevertheless, the exchange did not provide a specific date for when it would start to accept such applications. 

However, the factsheet stated that crypto ETNs should have physical backing and be non-leveraged. These developments highlight the growth in crypto-affiliated product inflows and innovations, which will likely push BTC and other assets to new heights.     

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/bitcoin-soars-as-crypto-etps-record-2-7-billion-weekly-inflows/

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