Summary
Despite a recent drop in Bitcoin’s price, cash is still flowing into crypto funds at a record rate, with $2.9 billion entering funds last week. Most of the money is going into Bitcoin products, particularly newly approved spot Bitcoin exchange-traded funds. BlackRock’s iShares Bitcoin Trust received the most inflows. Other crypto funds saw cash withdrawals, including those giving exposure to Ethereum, Solana, and Polygon. Bitcoin and Ethereum prices have also dropped in the past week.
Key Points
1. Despite a recent drop in Bitcoin’s price after reaching a new all-time high, a record $2.9 billion flowed into crypto funds last week.
2. Most of the inflow of funds went to Bitcoin products, particularly the newly approved spot Bitcoin exchange-traded funds (ETFs).
3. BlackRock’s iShares Bitcoin Trust saw the most significant inflow of $2.4 billion, indicating a strong interest in Bitcoin investment products.