Bitcoin investment sentiment turned bullish after the largest weekly fund inflow in a year.

A report from CoinShares, a European digital asset manager, revealed that investment products related to digital assets had the largest weekly inflows in a year. Bitcoin-related products were the main asset for inflows, reaching a total of $188 million, which represents 94% of the total flows. The report also highlighted that short-bitcoin products had a total outflow of $4.9 million, marking the ninth consecutive week of outflows. This occurred after various high-profile institutions filed for exchange-traded funds (ETF) last week, and the price of bitcoin (BTC) hit a one-year high. BlackRock, an asset management giant, filed an application to roll out a spot bitcoin ETF on June 15, and well-known TradFi firms such as Invesco and WisdomTree also re-filed for similar products. The report stated that they believe this renewed positive sentiment is due to recent announcements from high-profile ETP issuers that have filed for physically backed ETFs with the US Securities and Exchange Commission. The inflows totalled $199 million, which reversed almost half of the prior nine consecutive weeks of outflows. Ethereum saw inflows of $7.8 million, representing only 0.1% of assets under management (AUM), relative to bitcoin’s inflows of 0.7%, demonstrating less of an appetite for Ethereum than Bitcoin at present. Altcoin investments didn’t benefit from the positive sentiment, with only very minor inflows into XRP and Solana totalling $0.24m and $0.17m respectively. However, the improved sentiment did encourage some investors to buy multi-asset investment ETPs, with $8m inflows last week. This article was edited by Aoyon Ashraf.