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Crypto Investment Products Saw $1.2B of Inflows Last Week, Most in 10 Weeks: CoinShares
Ether funds registered $87 million in net inflows to break a five-week losing streak while bitcoin products added $1 billion.
Updated Sep 30, 2024, 10:18 a.m. Published Sep 30, 2024, 10:15 a.m.
- Digital asset funds saw net inflows of $1.2 billion last week, their most since the week ended July 19.
- The growth marked the third consecutive week of inflows and was attributed to expectations of further interest-rate cuts in the U.S.
Digital asset funds saw inflows of $1.2 billion last week, the largest total since the week ended July 19, according to crypto asset manager CoinShares.
The additions marked the third consecutive week of inflows and were attributed to expectations of further interest-rate cuts in the U.S., CoinShares wrote in its weekly report on Monday. U.S.-based funds accounted for $1.17 billion of the $1.2 billion of inflows.
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The U.S. bitcoin exchange-traded fund (ETF) sector received a boost recently with the Securities and Exchange Commission's (SEC) approval of physically settled options tied to BlackRock's ETF (IBIT), the largest of the spot BTC funds in the U.S. by assets.
"The approval of options for certain US-based investment products likely boosted sentiment, although trading volumes have not seen a commensurate rise, in fact, they declined slightly by 3.1% week-on-week," CoinShares wrote.
Bitcoin funds saw over $1 billion of inflows. Ether products added $87 million to break a five-week losing streak and net "the first measurable inflows since early-August," according to the report.
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