(Bloomberg) — Expectations for an eventual U.S. cash Bitcoin exchange-traded fund helped fuel inflows into the digital asset investment product for a ninth straight week, the largest since the cryptocurrency bull market in late 2021.
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Products such as trusts and exchange-traded products attracted $346 million in inflows last week, with Canada and Germany accounting for 87% of the total, according to CoinShares. Only $30 million came from the U.S., a sign that U.S. participation remains low, the asset management firm said in a report Monday.
Cryptocurrency markets have surged since early October as traditional asset managers like BlackRock prepare spot Bitcoin ETFs, potentially attracting more investors to the asset. All ETF applications are subject to approval by the U.S. Securities and Exchange Commission.
“Rising prices and inflows now bring total assets under management to $45.3 billion, the highest in a year and a half,” the report said.
Bitcoin products reached $312 million last week, bringing inflows to more than $1.5 billion since the start of the year. Ethereum products recorded inflows of $34 million last week, nearly negating the entire outflow of 2023.
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