Net Inflows into Global Crypto Funds
Net inflows into global crypto funds run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares continued their rebound into a third consecutive week, adding $1.2 billion, according to CoinShares.
The positive net inflows — the largest in 10 weeks — were driven by “continued expectations of dovish monetary policy in the U.S. and associated positive price momentum, with total assets under management rising by 6.2% last week,” CoinShares Head of Research James Butterfill wrote in a Monday report.
The Securities and Exchange Commission’s approval for listing and trading of options for BlackRock’s spot Bitcoin exchange-traded fund likely boosted sentiment, although trading volumes did not rise accordingly, falling 3.1% week-over-week, Butterfill added.
U.S.-based funds generated $1.2 billion in net inflows last week, with spot Bitcoin ETFs accounting for $1.1 billion of those flows alone, according to The Block’s data dashboard.
Switzerland-based crypto investment products also attracted net inflows of $84 million. However, funds in Germany and Brazil witnessed net outflows of $21 million and $3 million for the week.
Overall, bitcoin-based investment products registered the majority of last week’s net inflows, adding $1.1 billion globally. However, short bitcoin investment products also generated net inflows of $8.8 million amid a price rise that saw bitcoin gain 3.5% last week. Bitcoin is currently trading for $64,393 according to The Block’s Bitcoin Price Page, down 1.8% over the past 24 hours.
Weekly Crypto Asset Flows
Ethereum Investment Products Break Outflow Streak
Contributing to last week’s net inflows, Ethereum-based investment products broke a five-week negative spell last week, with global funds adding $87 million. The U.S. spot Ethereum ETF accounted for $85 million of the net inflows alone — their largest net weekly inflows since early August.
Conversely, Solana-based investment products ended their positive five-week run of net inflows, with $4.8 million exiting the funds globally last week.
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