Market optimism surrounding the potential approval of a spot crypto ETF by the U.S. Securities and Exchange Commission (SEC) has resulted in inflows for eight consecutive weeks into Exchange-Traded Products (ETPs), according to CoinShares’ latest weekly report.

Per the report, these crypto investment products attracted inflows totaling $176 million last week, bringing the year-to-date flows to $1.32 billion.

Additionally, ETPs’ share of the total crypto volume has significantly increased, accounting for approximately 11%—surpassing the long-term historical average of 3.4% and the averages seen during the 2020/21 bull market.

Despite this milestone, the overall inflow for ETPs this year remains significantly lower than recorded during the bull markets of 2020 and 2021, when inflows to these products were $6.6 billion and $10.7 billion, respectively.

Bitcoin dominates

A breakdown of the inflows by asset class shows that Bitcoin continues to dominate the sector.

According to CoinShares, BTC investment products saw $155 million in inflows last week due to the prevailing positive sentiments surrounding the possibility of a spot ETF.

 “We believe this continued positive sentiment is related to the imminent approval of a spot-based Bitcoin ETF in the US,” CoinShares said.

Meanwhile, the last eight consecutive weeks of inflow represent about  3.4% of the flagship digital asset total under management of $30.7 billion.

Conversely, Short Bitcoin experienced its second consecutive week of outflows, shedding $8.5 million. This reflects the growing optimism among investors about a potential increase in BTC’s value.

Data from CryptoSlate shows that the top cryptocurrency has grown by around 25% over the last 30 days and by more than 100% during the past year.

Other altcoins such as Solana, Ethereum, and Avalanche saw inflows of $13.6 million, $3.3 million, and $1.8 million, respectively. However, Uniswap and Polygon experienced minor outflows of $550,000 and $860,000, respectively.

Across regions, Canada, Germany, and Switzerland contributed the majority of the inflows, with $98 million, $63 million, and $35 million, respectively. Investors in the U.S. remain cautious as they removed $19 million worth of assets from futures-based products.