According to CoinShares' data, Bitcoin investment products attracted a total inflow of $1.35 billion last week, which is the highest amount since early June and also the third consecutive week of inflows. The data shows that the total inflow of Bitcoin investment products in the past three weeks was $1.85 billion, while in the previous two weeks, Bitcoin investment products suffered an outflow of $1.2 billion.
Bitcoin fell below $540,000 in the first two weeks, the lowest level since February. According to CoinShares' data, investors bought Bitcoin to take advantage of its falling price and bullish on lower-than-expected US inflation data. Investors invested the most money in Bitcoin funds from BlackRock and Fidelity last week, at $0.522 billion and $0.358 billion, respectively. Meanwhile, Grayscale's Bitcoin fund continued to see outflows, totaling $35 million.
It is worth mentioning that on Tuesday, Bitcoin continued to rise after reaching a two-week high on Monday and briefly breaking through $640,000. Bitcoin is favored by the market because it is speculated that Republican presidential candidate Trump, who supports the cryptocurrency industry, is increasingly likely to win the US election after surviving an assassination attempt. Trump is increasingly supporting the crypto industry to appeal to voters, which means that cryptocurrencies may become a popular symbol of the new 'Trump trade'.
Investment products for Ethereum and other cryptocurrencies also attracted inflows. Among them, Ethereum investment products attracted an inflow of $72 million last week, the largest since March. According to CoinShares' data, investors' expectations of the approval of the US spot Ethereum ETF by the SEC are the main reason for the inflow of funds into Ethereum investment products.
It is reported that six US spot Ethereum ETF applicants, including Fidelity, VanEck, Franklin, 21 Shares, Grayscale, and BlackRock, have submitted updated S-1 documents. Asset management companies are optimistic that the US Securities and Exchange Commission (SEC) will approve the first batch of US exchanges traded funds (ETFs) for direct investment in Ethereum as early as mid-July. They stated that communication with the regulatory agency is still constructive.