U.S. Bitcoin ETFs saw record weekly inflows of $3.38 billion from November 18-22, a 102% increase from the previous week.
Despite the exponential growth of Bitcoin ETFs domiciled in the United States that invest in spot Bitcoin have set a record high in terms of weekly inflows.
According to the cryptocurrency tracking platform SoSoValue, spot Bitcoin ETFs experienced net inflows of $3.38 billion during the week of November 18–22. This is a 102% increase over the $2.67 billion influx that occurred during the previous week.
This statistic represents the highest weekly inflows ever recorded for spot Bitcoin exchange-traded funds (ETFs). Additionally, according to SoSoValue, this week marks the eighth week in a row that positive flows have occurred.
With cumulative inflows of $31.33 billion and net assets of $48.95 billion as of November 22nd, BlackRock’s iShares Bitcoin Trust (IBIT) continues to keep its position as the leader in the overall market.
Despite holding net assets of $21.61 billion, the Grayscale Bitcoin Trust ETF has experienced withdrawals exceeding $20 billion since its introduction. CoinShares, a cryptocurrency investing firm, reported that at the start of the year, digital asset investment products had already attracted a total of $37 billion in inflows.
The primary drivers of ETF inflows were the Bitcoin exchange-traded funds (ETFs), surpassing the initial public offering (IPO) of gold ETFs, which only garnered $309 million in their first year of trading.
It was stated by CoinShares that the outflows from other nations, including Germany, Sweden, and Switzerland, were sufficient to counteract the inflows into the United States. CoinShares interpreted the recent high in Bitcoin’s price as an opportunity to cash in on winnings, rather than increasing the number of positions held.
The data provided by CoinShares suggests that the total amount of Bitcoin ETF inflows for the week was $3.12 billion. In addition, short-Bitcoin instruments documented inflows of ten million dollars, which suggests that certain investors are hedging against the possibility of a negative outcome.
While this was going on, the markets in Hong Kong, Canada, and Australia all exhibited signs of confidence, which resulted in an influx of around $70 million. Since Bitcoin reached a new all-time high before undergoing a minor pullback, there has been a rise in the amount of deposits received each week.
Bitcoin reached a new price record of $99,655.50 on November 22. Despite this, the cryptocurrency asset was unable to surpass the $100,000 threshold, which was a milestone that the cryptocurrency community had been eagerly anticipating. The asset is currently trading at $98,459.95.
