Spot Bitcoin ETFs’ Remarkable $1.1 Billion Inflows Revealed
Spot bitcoin exchange-traded funds (ETFs) asserted their dominance in the cryptocurrency investment landscape, amassing a remarkable $1.1 billion in inflows last week.
Authored by analyst James Butterfill, the report highlights the resurgence of these investment products in the United States, accumulating $2.7 billion in total year-to-date inflows since their launch on January 11th. IBIT and FBTC emerged as the frontrunners, attracting the most substantial inflows and collectively controlling over three-quarters of the more than 208,000 BTC held among spot-based bitcoin ETFs.
While maintaining a focus on bitcoin (BTC), the positive market sentiment also extended to other cryptocurrencies, with ethereum (ETH) and cardano (ADA) experiencing inflows of $16 million and $6 million, respectively. Avalanche, Polygon, and Tron recorded additional minor inflows. The global crypto investment landscape displayed a nuanced distribution, with slight outflows observed in Canada ($17M) and Germany ($10M), counterbalanced by substantial inflows in Switzerland ($35M), revealing the intricate dynamics of crypto investments on a global scale.
Clever Robot News Desk 14th February 2024
