Crypto products have seen a surge in institutional inflows for four consecutive weeks, with Bitcoin leading the way. According to a report by digital asset manager CoinShares, Bitcoin products saw $55.3 million in inflows, while short bitcoin products recorded $1.7 million.
This momentum appears to be driven by speculation over a possible spot Bitcoin ETF launch in the US. Commenting on this development, James Butterfill, head of research at CoinShares, said: “While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time round.”
In altcoins, Solana (SOL) saw inflows of $15.5 million, while Ethereum recorded $7.4 million in outflows. The bullish strength of SOL since breaking above $20 has seen inflows into the altcoin account for 47% of the category’s assets under management (AuM) year-to-date.
The recent price spike of Bitcoin to above $35k has triggered a shift in sentiment towards a solid bullish outlook. As institutional appetite for crypto investment products continues to increase, it looks like BTC is likely to continue its upward trajectory.
