Digital asset fund inflows flipped positive for 2023 once again last week, spurred by significant interest in bitcoin-linked futures products, CoinShares data shows.
A total of US$57mln (£45.8mln) flowed into exchange-traded funds, 98% of which comprised bitcoin funds.
ProShares’ Bitcoin Strategy EFT (BITO) topped the list with inflows of US$25.3mln, with 21Shares taking second place.
Bitcoin (BTC) has seen renewed interest among traders after surging more than 80% year to date and given the benchmark cryptocurrency’s recent tick above US$30,000, more positive ETF inflows could be underway.
Back in black for crypto futures ETFs – Source: CoinShares
However, despite the renewed positivity, CoinShares did note that volumes remained low, with global bitcoin exchange market at only 25% of the year-to-date average.
Short-bitcoin positions, which bet against the price of bitcoin, saw outflows of US$600,000, a bullish sign that investors are not expecting to realise short gains in current market conditions.
Ethereum futures ETFs saw modest inflows of US$600,000, further proving the dominant position that bitcoin currently holds over the wider cryptocurrency market.