Crypto Funds See Inflows of $708 Million
Crypto funds managed by BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares experienced inflows of $708 million globally last week, according to CoinShares’ latest report. This marks the second-largest inflow since the launch of spot bitcoin exchange-traded funds in the US and the second-largest since the peak of the bull market in late 2021. The inflows follow two weeks of consecutive outflows, bringing year-to-date net inflows to $1.6 billion and total assets under management to $53 billion.
Grayscale’s Outflows Abate
The reduction in outflows from Grayscale’s higher-fee converted spot bitcoin ETF (GBTC) contributed to the overall inflows. GBTC saw $927 million in outflows last week, a significant decrease from the prior week’s $2.2 billion. However, trading volumes for the funds fell to $8.2 billion compared to $10.6 billion in the previous week.
Bitcoin and US ETFs Dominate
Bitcoin investment products continued to dominate with inflows of $703 million last week, accounting for 99% of all flows. Short bitcoin funds experienced minor outflows of $5.3 million. Bitcoin is currently trading at $43,341, up 3% over the past week but down around 12% since the launch of spot bitcoin ETFs.
Newborn US Spot Bitcoin ETFs Attract Inflows
The nine new US spot bitcoin ETFs (excluding GBTC) have seen average inflows of $1.9 billion over the past four weeks, reaching a total of $7.6 billion in inflows. Taking into account GBTC’s $6 billion in outflows, the net inflows for the ETFs stand at around $1.6 billion. The focus of inflows remained on the US, with $721 million coming from the region. Canada and Sweden witnessed outflows of $31.3 million and $8.2 million, respectively.
Altcoin Funds
Solana led the inflows for altcoin-based funds with $13 million last week. Ether and Avalanche investment products saw outflows of $6.4 million and $1.3 million, respectively.
Hot Take: Crypto Funds Experience Inflows After Two Weeks of Outflows
Crypto funds managed by various asset managers have seen a resurgence in inflows after two weeks of consecutive outflows. This influx of funds amounts to $708 million globally, making it the second-largest inflow since the launch of spot bitcoin exchange-traded funds in the US. Bitcoin continues to dominate the market, with investment products attracting $703 million in inflows last week. Despite a decrease in trading volumes, cryptocurrencies remain a popular choice for investors looking to diversify their portfolios.
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