2021 Report: Bitcoin ETF speculations have driven record-breaking inflows of cryptocurrency
A total of $312M was invested in Bitcoin (BTC) throughout the course of the previous week, contributing to the total amount of $1.5B that was invested in 2023.
Industry executives are emphasizing the relevance of an exchange-traded fund (ETF) in the midst of mounting speculation on the acceptance of Bitcoin ETFs.
Since 2021, Bitcoin ETF speculations have driven record-breaking inflows of cryptocurrency, according to a report.
There is an optimistic feeling in the market, as indicated by the most recent data from CoinShares, which states that the total amount of cryptocurrency that was exchanged during the most recent week was the largest it has been in the last three months.
According to the statement, “Digital asset investment products saw inflows totaling US$346m last week, the largest weekly inflows in this nine consecutive week run.”
Inflows of $312 million were reported for Bitcoin over the previous week, as stated in the most current report. There has been a total of $1.5 billion in inflows for the year 2023 so far. It was announced that the excitement around Bitcoin exchange-traded funds (ETF) has resulted in a week that broke all previous records for the amount of money taken in.
This is the largest increase in inflows since late 2021, and it is being driven by ETF anticipation.
Reportedly, the increase in cryptocurrency inflows was sparked by the excitement around the anticipated approval of a Bitcoin exchange-traded fund (ETF).
This comes in the midst of many stories that industry executives have speculated on whether or not Bitcoin exchange-traded funds would be approved.