Summary
Bitcoin ETF trading volumes reached new highs last week, with BlackRock’s ETF seeing inflows while Grayscale’s saw outflows. Overall, net inflows for 10 US funds turned negative on Friday, despite a record week of net inflows totaling $1.7 billion. The total net inflows for the 10 offerings stands at nearly $7.4 billion to date. Trading volumes for the ETFs were also at record levels, prompting speculation on whether this is the new normal. Crypto investment products as a whole reached over $30 billion last week, with Ethereum-focused products seeing significant inflows. Bitcoin’s price was around $65,000 and ETH at $3,500, with crypto products’ assets under management nearing $83 billion.
Key Points
1. Net inflows into bitcoin ETFs turned negative on Friday as BlackRock’s ETF was unable to offset outflows from Grayscale Investments’ offering.
2. The category saw its highest single day of net inflows on Feb. 28, amounting to $673 million.
3. Bitcoin ETF trading volumes hit a record high last week, totaling roughly $22 billion for the 10 offerings.