US crypto ETFs are experiencing significant developments this week, according to new data released today by market analyst Phoenix Group.
As per the data, Bitcoin and Ethereum ETFs have witnessed substantial increases in inflows, with total inflows of $409 million recorded last week.
These additions make the cumulative AUM (assets under management) for these crypto funds currently stand at $148.82 billion.
Rising Demand for Ethereum
As reported by the data, BlackRock’s iShares Bitcoin ETF (IBIT) remains the leader in the market. The Bitcoin fund experienced the largest inflow activity, with a $3.5 billion trading volume registered over the week. It currently has assets under management worth $75.9 billion.
BlackRock’s iShares Ethereum ETF (ETHA) clinched the second position as it pulled in the second-largest inflow over the past seven days. The fund is the only Ethereum ETF on the list. It attracted $912 million in trading volume and currently holds $4.7 billion under its AUM, showing surging investor appetite for Ethereum.
Third on the list is Fidelity Bitcoin Fund (FBTC), which drew in $303.9 million trading volume over the period and currently manages a $21.3 billion AUM.
ProShares Bitcoin ETF (BITO) is in the fourth place. The fund witnessed a significant trading activity valued at $219 million in volume gained over the week. It currently holds $2.7 billion assets under management.
Grayscale Bitcoin Trust (GBTC) made it to this list of the top five crypto ETFs by trading volume. The fund experienced a $201.6 million in trading volume over the week, and its AUM currently worth $20 billion.
Beyond the Charts: What Drives This Bullishness?
The above significant net inflows pulled over the week show a strong investor interest. This indicates rising institutional demand for these assets, as investors consider them as long-term investments with significant profit capability.
The sustained influxes into these funds over the past eight weeks suggest that institutions and wealthy individuals are optimistic about the future of these assets.
This enthusiasm is catalysed by advancements in DeFi and underlying developments within blockchain technology, which make BTC and ETH as top networks for investment.
The continued inflows into these crypto funds highlight the wider trend of whales (institutional investors) investing more money into crypto assets, as they focus on diversifying their portfolios and positioning themselves for advanced gains.
