Digital Asset Inflows Highest in a Year After BlackRock’s Spot-Bitcoin ETF Filing
Digital-asset investment products added $199 million last week, the biggest weekly inflows in nearly a year, as a flurry of applications for spot Bitcoin exchange-traded funds in the US sparks renewed interest in the space.
The inflows are the highest since July 2022 and follow nine consecutive weeks of outflows, according to a report from digital asset manager and crypto research firm CoinShares. About $187 million, or 94% of the total flows, went to Bitcoin. Total assets under management now stand at $37 billion — the highest since before the collapse of Three Arrows Capital, the data shows.
“We believe this renewed positive sentiment is due to recent announcements from high-profile ETP issuers that have filed for physically backed ETFs,” CoinShares wrote in the Monday report.
On June 15, BlackRock Inc. — the world’s largest asset manager — filed for a US spot Bitcoin ETF. Similar applications, including from Invesco Ltd. and WisdomTree, followed soon after.
BlackRock’s filing is seen by several crypto market commentators as a sign that the US Securities and Exchange Commission may finally approve a physically-backed Bitcoin ETF. The regulator has repeatedly rejected such a structure, citing fraud and manipulation risks in the spot market for Bitcoin.