(Bloomberg) -- Bitcoin investment products took in $1.35 billion last week, marking the third straight week of inflows and the highest amount since the start of June, according to CoinShares Ltd. data.
This three week period of inflows brings the total gains to $1.85 billion. In the two weeks prior to those, Bitcoin funds lost $1.2 billion. Overall, crypto investment products saw $1.44 billion in inflows in the week ended July 12, according to CoinShares.
The record inflows followed a week that saw the price of the world’s largest cryptocurrency fall below $54,000, its lowest price level since February. Investors bought in to take advantage of the price dip and were bullish on lower-than-expected inflation figures in the US, according to CoinShares.
Investors put the most money into the Bitcoin funds of BlackRock and Fidelity. They saw inflows of $522 million and $358 million, respectively. Grayscale’s fund continued to see outflows, and lost $35 million.
Ether and other alternative cryptocurrency continued to see inflows. Products for the second-largest token took in over $72 million, its largest inflows since March. It got these gains on anticipation of the “imminent approval” of a spot Ether ETF in the US, according to CoinShares.
Ether ETFs have already passed the first stage of approval from the US Securities and Exchange Commission.
Products for Solana, Litecoin and XRP took in $4.4 million, $1.2 million and $.7 million, respectively. VanEck filed for a Solana ETF last month, but its approval has been deemed a “long-shot.”
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