Bitcoin exchange-traded products (ETPs) have seen significant inflows, with $312 million registered for the week of Nov. 24, bringing the year-to-date inflows to around $1.5 billion, according to CoinShares. This is part of a nine-week trend of positive net flows, with total weekly inflows for all cryptocurrencies reaching $346 million. Inflows are generally seen as a bullish indicator for the crypto market, while outflows are considered bearish. Prior to Sept. 25, crypto ETPs experienced outflows, but since then, there has been a sustained increase in weekly inflows. Canadian and German ETPs accounted for the majority of inflows, with U.S. inflows remaining subdued at $30 million. The overall assets under management (AuM) for crypto funds now stand at $45.4 billion, the highest in 18 months. CoinShares speculates that these recent inflows may be influenced by growing optimism surrounding the approval of a U.S. spot Bitcoin ETF. Blackrock and Grayscale have both met with the U.S. Securities and Exchange Commission (SEC) to make progress towards this goal.
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