Crypto investment products recorded their first weekly inflows since January last week, snapping a five-week outflow streak of around $4 billion.
Crypto exchange-traded products (ETPs) attracted $1 billion in inflows last week, led by $882 million into Bitcoin (BTC) funds, according to a Monday report from CoinShares.
“From a macro standpoint, it is difficult to attribute the shift in sentiment to a single catalyst,” said James Butterfill, CoinShares’ head of research.
He said the reversal likely reflected prior price weakness, a break below key technical levels and renewed accumulation by large Bitcoin holders.
“At a more anecdotal level, recent client discussions have been almost entirely focused on identifying entry points rather than reducing exposure to the asset class,” he added.
Ether and Solana add $171 million in weekly crypto inflows
Ether (ETH) funds drew about $117 million, CoinShares said, marking their strongest week since January, while Solana (SOL) drew in about $54 million.
Chainlink (LINK) and $XRP ($XRP) followed with $3.4 million and $2 million in inflows, respectively.
Despite the renewed demand, Bitcoin and Ether ETPs remain in negative territory for the year, with net outflows of $408 million and $430 million, respectively.
Related: Bitcoin manipulation claims face pushback as ETFs snap 5-week outflow run: Finance Redefined
In contrast, Solana and $XRP products have posted year-to-date inflows of $156 million and $153 million.
US spot Bitcoin ETFs lead with $787 million in inflows
Regionally, ETP flows were broadly aligned, with the United States accounting for the bulk of inflows at $957 million. Canada, Germany and Switzerland recorded inflows of $34 million, $32.7 million and $28 million, respectively.
Most of the gains came from US spot Bitcoin ETFs, which drew $787.3 million last week, snapping a five-week outflow streak that had totaled more than $3.8 billion, according to SoSoValue.
Despite the renewed inflows, total assets under management in crypto ETPs declined to $127.7 billion from $130.4 billion the previous week.
Net assets in Bitcoin ETFs also fell, slipping to $83.4 billion from $85.3 billion a week earlier.
Magazine: Clarity Act risks repeat of Europe’s mistakes, crypto lawyer warns
Leave a Reply
You must be logged in to post a comment.