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Investor funds have continued to flow into cryptocurrency investment products in November, following a significant influx in October.

Net flows into crypto-related offerings hit $261 million last week, down slightly from $326 million the week before, according to CoinShares data. 

The total pushed the weekly net inflow streak to six. Crypto products have attracted a total of $767 million during that span, a sum that eclipses the total inflows — $736 million — seen in all of 2022. 

The six-week streak of net inflows surpasses a four-week run of inflows that totaled $742 million in July. It marks the largest since December 2021, CoinShares research head James Butterfill said in a Monday blog post.

CoinShares inflow chart

Bitcoin products accounted for most of the inflows, as those totaled $229 million last week.

The data indicates that US investors accounted for approximately 60% of the inflows, marking the largest regional share. This was a reversal from the week prior, when the majority of the inflows were directed towards products based in Canada and Germany.

This rush to such products is “likely buoyed by the increasing likeliness of a spot-based ETF in the US and weaker than expected macro data, bringing into question the efficacy of US monetary policy,” Butterfill wrote.

Read more: Is bitcoin’s ETF-fueled rally to $35K premature? Well, maybe

The US Securities and Exchange Commission has never permitted an ETF that would hold bitcoin directly. The regulator’s decision on a bitcoin ETF proposed by Ark Invest and 21Shares is due on Jan. 10 — at which point the SEC could also rule on similar plans by BlackRock, Fidelity and others.  

Ether-focused products notched net inflows of $17.5 million last week, according to CoinShares. Though significantly lower than flows generated by bitcoin offerings, the total was the highest for ether funds since August 2022. 

Ether’s (ETH) price was about $1,910 at 10:30 am ET — up 5% from seven days ago.

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