Crypto funds said to book largest week of inflows since July 2022

Digital asset investment funds reportedly logged the largest week of inflows since last July in the same week that saw bitcoin ( BTC-USD ) surge 7.9% after Wall Street giants renewed their bets on the token. The $199M of inflows corrected nearly half of the prior nine consecutive weeks of outflows, CoinShares noted Monday in its weekly crypto asset flows update. Of course, bitcoin ( BTC-USD ) saw the vast majority of the inflows, at $187M, for the week ended June 23. Investors continued to flee from products betting against BTC for the ninth straight week, with outflows totaling $4.9M. "We 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 & Exchange Commission," the report said. Bitcoin ( BTC-USD ) lost some of its bullish momentum from the past week or so, slipping 0.5% to $30.4K at 11:52 a.m. ET. Earlier, SA contributor Clinically Sound Investor said capital would be poured heavily into bitcoin ( BTC-USD ) if BlackRock's ( BLK ) proposed spot BTC ETF gets approved. "If approved, more investors will have access to crypto investments with much lower risks, notwithstanding the coin's inherent volatility and macro challenges with the continued high inflation and possibility of recession." Meantime, CoinShares said that ethereum ( ETH-USD ), the largest altcoin by market cap, raked in inflows of $7.8M, "suggesting appetite for Ethereum is lower than Bitcoin at present." More on the crypto market MarketDAO: Changes Are Coming Bitcoin: Guess Who's Back Ethereum Flash Loans: How Equitable DeFi Tech Can Upend Traditional Finance