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Digital asset investment funds saw net inflows of $346M last week, the largest amount this year, fueled by growing anticipation for U.S. approval of a spot bitcoin (BTC-USD) exchange-traded fund, CoinShares reported Monday.
The inflows for the week ended Nov. 24 marks the largest amount in what’s so far been nine straight weeks of inflows, the report said.
“This run, spurred by anticipation of a spot-based ETF launch in the US, is the largest since the bull market in late-2021.”
Of course, funds tracking bitcoin (BTC-USD) dominated last week’s inflows, attracting $312M. Short-bitcoin funds, meantime, saw a third week of outflows signaling continued capitulation among short sellers, CoinShares said.
Ethereum (ETH-USD) funds raked in $34M of inflows last week, “bringing this 4-week run to US$103m, almost correcting its run of outflows this year, marking a decisive turn-around in sentiment.”
BTC and ETH each extended their year-to-date rallies last week, climbing 5.6% and 7.7%, respectively. Some of the gains were pared back in Monday afternoon trading, with BTC slipping 0.6% and ETH off 1.7%.