Bitcoin ETFs Dominated Institutional Investing Last Week, Says CoinShares
Bitcoin ETFs accounted for $867 million of the $882 million in net deposits into crypto funds last week, as reported by CoinShares. Bitcoin's price is $104,368, showing a 10.9% increase over the past week and a 25.1% rise from a month ago. Factors driving this growth include an increase in M2 money supply, stagflation risks in the U.S., and several states recognizing Bitcoin as a strategic reserve asset. U.S.-listed Bitcoin ETFs have seen $62.9 billion in cumulative net inflows since January 2024, surpassing the previous high of $61.6 billion. Ethereum experienced a 40% price increase but only attracted $1.5 million in inflows, while Sui funds gained $11.7 million and Solana faced $3.4 million in outflows. All Sui ETFs are currently offered by overseas issuers, with attempts to launch U.S. versions underway. The SEC has a backlog of over 70 pending crypto ETFs, having last approved a new crypto ETF in July 2024.
