- Bitcoin and Ethereum ETFs hit record-breaking inflows in the first week of June, according to a report from CoinShares.
- Inflows hit a record-breaking $2 billion with Bitcoin ETFs leading the rally.
- Bitcoin is yet to experience a price surge despite the high inflows.
CoinShares weekly inflow report on Monday revealed that crypto investment products hit record-breaking inflows of $2 billion in just the first week of June, outperforming inflows for the whole of May.
Crypto ETFs sees record inflows
Bitcoin and Ethereum ETFs saw record-breaking inflows in the first week of June, totaling $2 billion. This brings the five-week run of consistent ETF inflows to a whopping $4.3 billion, according to a report from CoinShares.
Read more: Digital asset inflows reach record high year-to-date
Geographically, the majority of inflows came from US crypto ETFs, with a cumulative $1.98 billion inflow last week. The recently launched UK crypto ETNs have underperformed, with only about $500K in total trading volume.
Meanwhile, Bitcoin continues to lead the digital asset ETF train, totaling $1.97 billion in inflows. Bitcoin ETFs bought 25,700 BTC last week, 8x the supply of Bitcoin mined in the past two months, according to data from HODL15Capital. The iShares Bitcoin ETF sits atop the list with $21 billion in assets under management.
Also read: Bitcoin’s 2% crash wipes $4.21 billion in OI and handicaps altcoins, what’s next?
Despite this record-breaking move by ETFs, Bitcoin's price has hovered around the $69K to $70K range in the past week.
This has stirred concerns among members of the crypto community who believe that the surge in inflows from ETFs should cause the price of BTC to reach a new all-time high. The largest cryptocurrency hit a range high of $71.7K on June 5, the first time since May.
Read more: Ethereum's price suffers slight decline amid Hong Kong's plan to allow staking in ETH ETFs
Ethereum ETFs also saw their highest inflows since March. In the past week, ETH ETFs have seen $69 million worth of inflows, with speculation centered around the launch of spot ETH ETFs in the US.
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