Crypto investment products inflows hit $2 billion last week, BTC dominates

2024-6-11 14:35

Crypto investment products saw inflows of $2 billion last week According to CoinShares, the inflows reached a 5-week streak, with Bitcoin seeing most of the interest. The total assets under management (AuM) in crypto ETPs crossed $100 billion for the first time since March.

Asset manager CoinShares has shared the latest insight into digital asset investment products flows.

In its weekly report published on Monday, the company says crypto exchange-traded products (ETPs) recorded inflows of $2 billion, hitting a 5-week run as Bitcoin’s price hovered near the key level of $70,000.

Crypto investment products see $2 billion in inflows

In the report, CoinShares head of research James Butterfill noted that inflows into digital assets investment products reached $2 billion, with most of this in Bitcoin (BTC).

With this flows, the crypto sector has extended the winning streak in terms of institutional inflows to 5 weeks. In total, the industry has recorded inflows to $4.3 billion in this period.

BTC dominates the weekly outlook with inflows of $1.97 billion, while Ethereum (ETH) notched $70 million. Data shows this was Ether’s best week since March.

“Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents. We believe this turn around in sentiment is a direct response to weaker than expected macro data in the US, bringing forward monetary policy rate cut expectations,” Butterfill noted.

As BTC price rose to near $72k on June 5, crypto ETPs saw the total assets under management (AuM) spike to over $100 billion, the first time it reached the milestone since March. Meanwhile, trading volumes across exchange-traded products hit to $12.8 billion this past week.

SEC’s approval of Ether ETFs key event

Key market events and news this past few weeks have included the approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). The regulator has recently given a nod to filings from multiple ETF issuers, including BlackRock, Fidelity, Grayscale and Bitwise.

Market anticipation around the debut of ETH ETFs has the altcoin market abuzz, with speculation shifting to what it all might mean for XRP, Solana and even Cardano.

The post Crypto investment products inflows hit $2 billion last week, BTC dominates appeared first on CoinJournal.

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