Key Points:
The primary driver behind this surge in optimism appears to be growing expectations that the U.S. Securities and Exchange Commission (SEC) is on the brink of approving a spot-based Bitcoin Exchange-Traded Fund (ETF) in the United States.
Month-to-date, these inflows have now reached close to half a billion dollars. However, despite this surge, it’s essential to note that this weekly influx ranks as the 21st largest on record, suggesting that investors are still exercising some restraint. Nevertheless, it’s widely believed that a spot-based ETF is highly probable in the coming months, marking a pivotal moment from a regulatory perspective.
Analyzing the regional aspects of this trend, the United States contributed only 12% of the total inflows, amounting to $38 million, with many investors seemingly awaiting the spot-based ETF’s approval.
The majority of the inflows were observed in Canada, Germany, and Switzerland, where investors poured in $134 million, $82 million, and $50 million, respectively. Notably, Asia also recorded the most significant weekly inflows, totaling $28 million. These developments have pushed the total assets under management in digital asset investment products to $37.8 billion, reaching levels not seen since May 2022.
While Bitcoin dominated the scene, drawing in $296 million, there was also $15 million directed into short-selling Bitcoin investment products.. In contrast, Ethereum recorded a net outflow of $6 million during the same period.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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