Between February 10 and 16, cryptocurrency investment products saw an unprecedented inflow of $2.45 billion, with 99% of this amount attributed to Bitcoin, according to a report by CoinShares.
“This indicates a significant acceleration in net inflows, widely distributed among various providers, suggesting a growing interest in spot ETF,” analysts explained.
They noted that since the beginning of the year, inflows have reached an “impressive” $5.2 billion. Assets under management have returned to December 2021 levels, amounting to $67 billion.
Clients invested $5.8 million in structures allowing short positions on the leading cryptocurrency (the previous week saw an outflow of $0.4 million).
Ethereum funds received $21 million, while Avalanche, Chainlink, and Polygon attracted $1 million and $0.9 million each, respectively.
Products based on a basket of altcoins lost $0.9 million. Instruments based on Solana (-$1.6 million) and Cardano (-$5.9 million) also showed negative dynamics. In the case of Solana, CoinShares attributed this to a February outage.
Earlier, analysts at QCP Capital predicted Bitcoin’s return to historical highs as early as March. They cited inflows into spot ETFs as one of the reasons for Bitcoin breaking through the key resistance level of $48,000 in February and reaching marks above $52,000.
On February 12, early digital gold advocate Tur Demeester suggested that the coin could reach $600,000 by 2026.
Previously, Lucas Outumuro, head of research at IntoTheBlock, identified five catalysts for Bitcoin’s rise above $70,000.