Bitcoin ETFs See Nearly $2 Billion Inflows In Strongest Week Since March

During a volatile week for cryptocurrency prices, Bitcoin exchange-traded funds (ETFs) attracted nearly $2 billion in BTC deposits, according to a new report from CoinShares.

The price of Bitcoin fell below $69,000 on Friday after showing signs of stabilization, influenced by unexpected job market data from the U.S. Labor Department. This drop in Bitcoin price often mirrors the overall trend in the crypto market.

Despite this downturn, Bitcoin ETFs experienced significant growth. These funds saw $1.97 billion worth of Bitcoin inflows last week, with June 3 marking the third-largest daily inflow on record. Inflows represent the amount of digital assets deposited into exchange-traded products like ETFs due to sales, trades, purchases, or fund transfers across different wallets.

So far in 2024, Bitcoin ETF inflows have totaled nearly $17 billion, predominantly driven by movements within the United States. Last week was notably the best for crypto funds since March, with over $2 billion in total inflows, the majority coming from Bitcoin funds. This represents a substantial increase from the previous week’s $185 million worth of inflows.

Ethereum funds saw inflows of $69 million, while Solana funds recorded $700,000 in movement last week. Over the past five weeks, $4.3 billion worth of assets have flowed into crypto funds, and trading volumes for crypto ETPs rose by 55% compared to the previous week.

“Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents,” noted CoinShares in their weekly blog. “We believe this turnaround in sentiment is a direct response to weaker-than-expected macro data in the U.S., bringing forward monetary policy rate cut expectations.”

In contrast, short Bitcoin funds—which bet against the cryptocurrency—saw outflows for the third consecutive week, with investors withdrawing $5.3 million by Friday.

Additionally, open interest in Bitcoin reached a new peak of almost $38 billion last Thursday. With a bullish long-short ratio, there is growing speculation that Bitcoin might reach an all-time high in the coming weeks, having previously peaked at over $73,700 in March. This optimism is also fueled by expectations of incoming interest rate cuts in the U.S. and Europe, which could stimulate capital inflow into risk assets.

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