Streak of inflows into crypto products highest since 2021
$742 million has flowed into crypto funds since BlackRock stepped into the spot bitcoin ETF race — a run not seen in nearly two years
Fedorov Oleksiy/Shutterstock modified by Blockworks
For the fourth consecutive week, investments into crypto products have maintained a steady flow, resulting in the highest overall total in nearly a month, surpassing levels not seen since 2021.
Crypto funds saw $137 million of inflows last week, roughly the same as the week before, according to a Monday report by CoinShares. The gains brought inflows over the last four weeks to $742 million — a level not reached since crypto prices were soaring to all-time highs nearly two years ago.
Such inflows spiked at roughly $200 million during a week in late June after asset management giant BlackRock and other fund issuers filed for spot bitcoin ETFs, starting what has become a four-week streak.
Bitcoin products took 99% of the inflows last week. The asset’s price was at about $30,250 Monday morning, up about 82% year to date and up about 0.2% in the last seven days.
Products that short bitcoin endured a 12th week of outflows — at $3.2 million — as the assets under management in those products have fallen from an April peak of $198 million to $55 million.
The inflows went into North America products, with $109 million and $28 million going to the US and Canada, respectively.
Bitcoin ETFs in Canada launched in early 2021. The Evolve Bitcoin ETF (EBIT) and the Purpose Bitcoin ETF (BTCC), both domiciled in the country, saw assets under management (AUM) gains of roughly 43% and 38%, respectively, from May to June, according to a report by Digital Asset Research.
Though the SEC has not yet allowed a spot bitcoin ETF to launch in the US, fund issuer ProShares has posted $164 million of flows so far in July, and $390 million year to date — both the highest of any crypto-focused issuer CoinShares tracks.
ProShares launched the first US ETF to hold bitcoin futures contracts — the ProShares Bitcoin Strategy ETF (BITO) — in October 2021. BITO has $340 million of net flows so far in 2023, with $171 million of those coming since the start of July, according to ETF.com. Its AUM currently stands above $1 billion.
Trading volumes on all crypto investment products were $2.3 billion last week, CoinShares data indicates — above the year average of $1.4 billion.
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