Investing
Digital Asset Funds See $125M in Weekly Inflows Despite SEC's ETF Stance
Published:
Last week, the Securities and Exchange Commission (SEC) said spot Bitcoin exchange-traded fund (ETF) applications filed by BlackRock and other Wall Street giants were “inadequate.” However, this statement did not significantly affect investor sentiment, as digital asset investment products recorded $125 million in inflows last week.
Crypto Investment Products Saw $334M in Net Inflows In the Last 2 Weeks
Digital asset investment funds registered another week of strong inflows, raking in $125 million in the week that ended on Friday, June 30. With the latest surge, these investment products saw $334 million in inflows over the past two weeks, accounting for nearly 1% of total assets under management (AUM), according to CoinShares.
Bitcoin attracted the majority of inflows at $123 million. Investment funds related to the world’s leading cryptocurrency are now back to a net inflow since the start of the year after being in a net outflow position of $171 million two weeks ago.
Meanwhile, short-bitcoin investment products witnessed total outflows of $0.9 million last week, marking its 10th consecutive week of negative flows. Despite this bearish run, short-bitcoin funds are still the second-best-performing asset in year-to-date fund flows at $60 million.
Regarding altcoins, Ethereum-related funds witnessed inflows totaling $2.7 million, followed by Cardano, Polygon, and XRP. Multi-asset investment products and Solana experienced minor outflows of $1.8 million and $0.8 million, respectively.
SEC Argues Spot Bitcoin ETF Applications are ‘Inadequate’
The second week of inflows in digital asset funds comes despite the SEC’s statement that recent spot Bitcoin ETF applications by BlackRock, Invesco, and Fidelity Investments were inadequate.
The securities regulator said the applications were not clear and comprehensive enough, the Wall Street Journal reported on Friday. Stock exchanges Nasdaq and Cboe Global Markets updated and refiled their applications on the same day to address the commission’s feedback.
Last month, prices of Bitcoin and other cryptocurrencies rallied significantly after BlackRock announced it filed to launch a spot Bitcoin ETF. The move was quickly followed by other traditional finance (TradFi) institutions, significantly improving crypto investor sentiment and lifting BTC’s price above the $30,000 mark for the second time this year.
This article originally appeared on The Tokenist
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.