Cryptocurrency investment products have experienced a significant increase in inflows, with $199 million invested in these products in a correction of the prior nine consecutive weeks of outflows. Bitcoin received the majority of inflows, with trading volumes reaching 170% of the average for this year, totaling $2.5 billion. The total assets under management for cryptocurrency investment products stand at $37 billion, the highest level since Three Arrows Capital’s collapse. Bitcoin accounted for 94% of the inflows, while products shorting BTC experienced outflows for the ninth consecutive week. Ethereum saw a modest inflow of $7.8 million compared to Bitcoin. Altcoins only saw minor inflows, with XRP and Solana attracting relatively small sums. Some investors have diversified their portfolios by investing in multi-asset investment ETPs. The positive sentiment is believed to be driven by high-profile ETP issuers filing for physically backed ETFs with the US Securities and Exchange Commission, potentially unlocking a $15 trillion crypto boom. Bloomberg Economics has warned that the Bank of England’s efforts to curb high inflation in the UK could lead to a recession by the end of the year. The economists predict a mild but prolonged downturn due to multiple rate hikes and expect low growth and inflation above 5% by year-end.
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