The price of Bitcoin (BTC) has surged to reach new all-time highs above $72,000, following a record-breaking week of inflows into crypto exchange-traded products (ETPs).
According to a March 11 post from CoinShares analyst James Butterfill, crypto investment products generated a record-breaking $2.7 billion worth of inflows as of March 8.
Year-to-date crypto ETPs have generated $10.3 billion worth of inflows, which is already nearly on par with the total $10.6 billion worth of inflows crypto ETPs witnessed throughout the whole of 2021.
Crypto ETPs witnessed a staggering $2.7 billion in weekly inflows. Source: CoinShares
Bitcoin accounted for the lion’s share of this figure, seeing $2.6 billion in inflows year-to-date and currently representing 14% of the total crypto-related assets under management (AUM) worldwide.
Days later, on March 11, the price of Bitcoin rallied to reach a new all-time high of $72,900. The asset has since leveled out and is changing hands for around $72,000, up 6.9% in the last week and 29% over the last month, per TradingView data.
Inflows into crypto ETPs have been spurred significantly by growing investment into the roster of recently-approved spot Bitcoin ETFs in the United States, which have now seen over $110 billion in total volume traded since their inception on Jan. 11.
Bloomberg ETF analyst James Seyffart noted that a total of five U.S. spot Bitcoin ETFs now held over $2 billion AUM, with crypto-native asset manager Bitwise’s BITB fund being the most recent addition to the club.
“Out of ~3,500 US ETPs there are only 445 with over $2 billion in assets,” Seyffart added.
Five U.S. spot bitcoin ETFs now hold over $2 billion AUM. Source: James Seyffart on X
In an analyst note viewed by Cointelegraph, IG market analyst Tony Sycamore predicted that the current rally could see Bitcoin’s price push toward $80,000 in the coming months, adding that the crypto asset would be “well supported” on any potential dips.
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