In the week ending November 24, Bitcoin Exchange-traded products (ETPs) attracted a notable $312 million in inflows, contributing to the year-to-date influx of approximately $1.5 billion, as per data from CoinShares. This surge in weekly inflows continued a nine-week streak of positive net inflows, with total weekly cryptocurrency inflows reaching $346 million.
CoinShares noted that the cryptocurrency ETP sector had been witnessing consecutive weeks of outflows before September 25. However, from the week of September 25-29 onwards, there has been a consistent shift toward weekly inflows. Over time, these inflows have progressively increased, culminating in the largest inflow observed during the week ending November 24. The majority of this week's inflows, accounting for 87%, came from Canadian and German ETPs, while the inflows to the United States decreased to $30 million.
The collective assets under management for cryptocurrency funds have surged to $45.4 billion, marking the highest level seen in the last 18 months. According to a previous report by CoinShares, these recent inflows might be attributed to optimism surrounding the potential approval of a U.S. spot Bitcoin ETF. Notably, on November 22, BlackRock engaged in discussions with the SEC in a bid to advance progress in this direction. Grayscale similarly met with the SEC with similar intentions, aiming for a favorable outcome.
