Cryptocurrency investors’ preferences are changing, as last week $2.45 billion in inflows to US-listed Bitcoin ETFs was recorded per CoinShares. Cumulatively, these contributed to the upsurge in money under control and then to taking back to the levels of December last year.
Bitcoin was undoubtedly a star, landing an impressive $2.4 bn of inflows, with Ethereum endeavors bringing in $21 mn. Interestingly, Bitcoin EFTs had $5.8 million in short funds inflow. The United States of America dominated in the geographical distribution aspect and stood at 99% of the total inflows.
CoinShares considers that this movement has been driven majorly by the increasing recognition of spot-based ETFs. Nevertheless, it may be that some of the investors are concerned by the outflow which involves the ejection of $167 million from crypto funds.
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