Bitcoin Dominated This Week Inflows After BTC Futures ETF Go Live

Bitcoin dominated this week’s inflows with a 99% share after the Bitcoin futures ETF went live whereas last week’s BTC weekly inflows were set at $70 million so let’s read more in our latest Bitcoin news today.

The investors pumped a record $1.47 billion of money into digital asset investment products last week that was sparked by a rally in crypto and the launch of the first BTC futures exchange-traded fund as CoinShares reports show. The increase in flow came as BTC the biggest crypto by market cap surged to an all-time high to $66,974 last week with the previous weekly record coming back in February when the inflows totaled $640 million. The past week’s inflows in crypto funds pushed the year-to-date total to $8 billion. Bitcoin dominated last week’s inflows with a 99% share of the inflows into crypto funds that pushed the BTC-focused funds at $70 million. CoinShares reported:

“This is a direct result of the U.S. Securities and Exchange Commission (SEC) allowing a bitcoin ETF investing in futures and the consequent listing of two bitcoin investment products.”

The SEC approved the first BTC futures ETF like the ProShares BTC Strategy ETF and the announcement drove the BTC price above $60,000 for the first time in six months. The ProShares ETF started trading on the New York Stock Exchange under the ticker symbol BITO. Ether as the world’s second-biggest crypto also reached a new high last week at $4361 back a few days ago. The ETH price climbed and the funds focused on crypto saw outflows for a third consecutive week and the outflows from the ETH-focused funds totaled $1.4 million as per coinshares. This is minor profit-taking as the price closes on the all-time highs. Other altcoins saw the inflows like SOL at $8.1 million, ADA at $5.3 million, and BNB at $1.8 million.

As recently reported, Following the price dip to below $60,000 levels, Bitcoin eyeing $63K and it moved on and off to the $63,000 range so most alternative coins also charted gains over the past day with teh total market cap reaching more than $130 billion. After the last week’s high when BTC hit $67,000 and the asset started dropping in value with the result ending in the loss of $7000 in a few days. BTC dropped below $60,000 a few times and the same transpired during the weekend and the latest drop came hours ago when the crypto dipped to the lowest price point in less than a week at $59,000.