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(Bloomberg) -- Digital-asset investment products added $199 million last week, the biggest weekly inflows in nearly a year, as a flurry of applications for spot-Bitcoin exchange-traded funds in the US sparks renewed interest in the space.

The inflows are the highest since July 2022 and follow nine consecutive weeks of outflows, according to a report from digital asset manager and crypto research firm CoinShares. About $187 million, or 94% of the total flows, went to Bitcoin. Total assets under management now stand at $37 billion the highest since before thecollapseof Three Arrows Capital, the data shows.

Related: Bitcoin Surge Sparked by Optimism Over ETFs Pauses Around the $30,000 Level

We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs, CoinShares wrote in the Monday report.

On June 15, BlackRock Inc. the worlds largest asset manager filedfor a US spot Bitcoin ETF. Similarapplications, including from Invesco Ltd. and WisdomTree, followed soon after.

Related: WisdomTree Files to Start a US Spot Bitcoin ETF on the Heels of BlackRocks Application

BlackRocks filing is seen by several crypto market commentators as a sign that the US Securities and Exchange Commission may finally approve a physically-backed Bitcoin ETF. The regulator has repeatedly rejected such a structure, citing fraud and manipulation risks in the spot market for Bitcoin.

There have been about30 attemptsfor a spot-Bitcoin product, according to a Bloomberg Intelligence tally, including an application filed jointly by Cathie Woods ARK and 21 Shares. ARK Investment Management crypto analyst Yassine Elmandjra wrote in a note that the joint application was the only one ahead of Blackrocks.

Read:Cathie Woods ARK Says Its First in Line for Spot-Bitcoin ETF

Meanwhile, the ProShares Bitcoin Strategy ETF the USs first Bitcoin futures ETF when itdebutedin 2021 saw its highest weekly inflows in about a year.

While BITO benefited from the spot filings, if approved, theyll likely take business from the ETF, wrote Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, in a note Monday.

Bitcoin hit itshighestlevel in a year last Friday, and is up more than 80% in 2023.

Read more on Bitcoins recent rally:

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Digital Asset Inflows Highest in a Year After BlackRock's Spot ... - Wealth Management