The Bitcoin ETF weekly investment grow for the first time in over a month

Following five weeks of outflows, fresh cash has begun to flow into Bitcoin exchange-traded funds (ETFs). According to a Monday report from European asset management CoinShares, Bitcoin ETF funds received $130 million last week.

CoinShares tracks all crypto funds, from the US to Europe and Australia. The majority of last week’s movements went into American funds, particularly the new spot ETFs that provide traditional stock investors exposure to Bitcoin. According to the article, European investors withdrew $14 million from Ethereum-related funds in response to adverse sentiment on the approval of an Ethereum ETF.

Several high-profile financial firms are hoping the Securities and Exchange Commission (SEC) would approve an Ethereum ETF. Analysts anticipate slow regulatory approval of such products or potential non-approval.

“Low interaction by the U.S. regulators with ETF issuer applications for a spot Ethereum ETF has increased speculation that the ETF approval is not imminent,” said CoinShares. “Last week, we experienced outflows that amounted to $14 million.”

Perhaps the Good news for long-term BTC investors is that the amount of money leaving Grayscale’s Bitcoin Trust (GBTC) last week was the lowest since it was converted to an ETF in January.

Since the transition from a closed-end fund style to an ETF, investors have rapidly redeemed shares to cash out of the product—either to hunt for a cheaper ETF or to take home profits. As the fund sells Bitcoin to pay consumers cash, the enormous outflows have put downward pressure on the price of Bitcoin. However, for the first time this month, more investors purchased GBTC shares than redeemed them.

CoinShares noted that GBTC inflows could cause the asset’s price to rise if more investors want exposure to the largest cryptocurrency by market capitalization. According to CoinGecko, Bitcoin is currently trading at $62,810 per coin. It reached a fresh all-time high of nearly $74,000 in March but has subsequently underperformed due to the fading ETF excitement. Just a week ago, Bitcoin ETFs saw their worst day on record, with investors withdrawing more than half a billion dollars.

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