Crypto Market Surge: Bitcoin Dominates Amid Regulatory Developments | June 26, 2023

The past week has seen an impressive resurgence in crypto-based investment product inflows, the highest since July 2022, according to data from #CoinShares, a European digital asset management firm. Total inflows were recorded at $199 million, with #Bitcoin being the primary driver, accounting for inflows of $187 million. Additionally, the total assets under management in crypto investment products reached an annual high, exceeding $37 billion. This compensates for losses incurred following Three Arrows Capital's bankruptcy in July 2022. ETC Issuance GmbH's Bitcoin exchange-traded product, BTCE, and ProShares' Bitcoin Strategy #ETF, led the inflows with $77.3 million and $60.4 million, respectively.

In the context of regulatory developments, the upbeat market sentiment can be attributed to a recent series of spot Bitcoin ETF applications submitted to the U.S. Securities and Exchange Commission, the first of which was filed by the world's largest investment fund, #BlackRock. This move has since been emulated by other fund managers, such as Valkyrie, WisdomTree, and Invesco, all submitting their applications within a week of BlackRock's. Despite the overall positive sentiment, demand for Ethereum seems to be currently lower than for Bitcoin, with its inflows standing at $7.8 billion against Bitcoin's $187 million. Altcoins, as of now, appear to be on the sidelines with only minor inflows into XRP and Solana. #BITO #BTC #XRP #SOL #GBTC #MARA #Crypto #MarketUpdate #ETF