A string of exchange-traded fund (ETF) applications filed in the U.S. earlier this month spurred a positive sentiment in the market, pushing Bitcoin (BTC) price above $30,000. This strong sentiment also resulted in large amounts of funds flowing into crypto exchange-traded products (ETPs) last week.
Crypto ETPs saw inflows worth $199 million in the week of June 19, as per CoinShares data. These inflows came after nine consecutive weeks of outflows totaling over $400 million.
Most importantly, it is the largest single-week inflow into ETPs since July 2022, CoinShares noted. Additionally, at $37 billion, the total assets under management of ETPs also reached their highest since early June 2022.
Bitcoin ETPs attracted $188 million, or 94% of the total inflows last week. Short-Bitcoin, on the other hand, experienced outflows worth $4.9 million — the ninth consecutive week of outflows.
Ethereum (ETH) ETPs saw minor inflows compared to Bitcoin at $7.8 million. The comparatively trivial inflows indicate that the market has less appetite for ETH than BTC at present, CoinShares noted.
The market boost generated by the U.S. ETF applications did not have any significant impact on altcoin ETPs. XRP (XRP) and Solana (SOL) ETPs saw negligible inflows of $240,000 and $170,000, respectively. However, multi-asset ETPs saw inflows worth $8 million last week.
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