In less than two months, institutional investment in Bitcoin (BTC) has seen a new inflow of over $1 billion. CoinShares, a crypto asset management firm, reported in their latest weekly report on Nov. 13 that Bitcoin and altcoins are attracting capital once again. The total crypto market cap has increased by $600 billion since November 2022, according to data from TradingView.
Over the past two months, there has been a significant increase in funds being deployed to crypto investment products, with inflows totaling $293 million in the last week alone. This brings the 7-week run of inflows past the $1 billion mark, leaving year-to-date inflows at $1.14 billion, the third highest yearly inflows on record. The assets under management (AUM) tally for crypto exchange-traded products (ETPs) has nearly doubled since the start of the year, reaching $44.3 billion.
Bitcoin saw inflows totaling $240 million last week, pushing year-to-date inflows to $1.08 billion, while short-bitcoin saw $7 million outflows, indicative of continued positive sentiment. Glassnode, an on-chain analytics firm, highlighted increasing wallet entities, both large and small, showing renewed interest in Bitcoin.
The next block subsidy halving is just five months away, and with BTC being stored at a rate 2.4 times the amount mined, it represents an important fundamental, technical, and philosophical milestone for Bitcoin. This renewed interest in Bitcoin and altcoins has led to excitement over the possible approval of the United States’ first spot exchange-traded fund (ETF).