Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak

Bitcoin ( $79,378.00 ) (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto, amid growing anticipation of a spot Bitcoin ( $79,378.00 ) ETF approval in the United States.

A total of $1.76 billion of investors’ funds have flowed into crypto products over a 10-week period, making up for the largest inflows over such a period since October 2021 — when Bitcoin ( $79,378.00 ) futures launched, according to a Dec. 4 report from CoinShares’ head of research James Butterfill.

Record inflows! Last 10 weeks now total U$1.76bn inflows, the highest on record since October 2021’s futures-based ETF launch in the US.

Week 49 inflows: U$176 million

– $79,378.00 ) ?src=hash&ref_src=twsrc%5Etfw"># Bitcoin ( $79,378.00 ) –
$BTC: U$133m inflows
Short Bitcoin ( $79,378.00 ) : US$3.6m inflows
Trading volumes in ETPs remain… pic.twitter.com/Elon1F2pHl

— CoinShares (@CoinSharesCo) December 4, 2023

CoinShares’ weekly reports over the past 10 weeks shows at least $1.44 billion of inflows went to Bitcoin ( $79,378.00 ) investment products over the period, as the price of Bitcoin ( $79,378.00 ) has gained from $26,600 to $37,700 on Dec. 1.

Meanwhile, the latest week ending Dec. 1 saw $176.3 million worth of inflows into crypto investment products. Bitcoin ( $79,378.00 ) (BTC) investment products were the “main beneficiary,” said Butterfill, recording $132.8 million of inflows over the past week, while Ether (ETH) and Solana (SOL) products tallied $30.8 million and 4.3 million, respectively.

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The inflows come as spot Bitcoin ( $79,378.00 ) ETF applications are inching closer toward potential approval in the U.S.

Some Bitcoin ( $79,378.00 ) futures-based products could be reaping benefits of the recent excitement over approvals, said James Edwards, cryptocurrency analyst at fintech firm Finder in a previous interview with Cointelegraph.

“Early signs are that institutional investors are already speculating on the ETF approval, with inflows to existing Bitcoin ( $79,378.00 ) futures ETFs like ProShares BITO ramping up in the past few days to break 2021 records.”

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