Crypto Funds See Fourth Consecutive Week of Inflows
A recent report by CoinShares reveals that crypto funds have experienced four consecutive weeks of net inflows, with a total of $179 million invested. The majority of these inflows were seen in Bitcoin products, accounting for $55.3 million or 84% of last week’s additions. This brings the year-to-date Bitcoin product inflows to $315 million. Meanwhile, Solana emerged as the altcoin with the largest share of inflows, receiving an additional $15.5 million last week and totaling $74 million for the year. However, Ether was the only altcoin to experience outflows, with its assets under management dropping by $7.4 million to $6.7 billion.
Inflows Rise Amid Excitement Over ETFs
According to CoinShares Head of Research James Butterfill, the recent inflows are likely linked to excitement surrounding the potential launch of a spot Bitcoin ETF in the US. However, he notes that these inflow levels are relatively low compared to those following BlackRock’s announcement in June. Nevertheless, market sentiment has become more positive following news about BlackRock’s iShares Bitcoin Trust and Grayscale’s courtroom victories.
Hot Take: Crypto Funds Continue to Attract Investors
The crypto market has seen a positive trend over the past four weeks, with significant inflows into crypto funds and Bitcoin products leading the way. Solana has also emerged as a popular altcoin choice among investors. The anticipation surrounding a spot Bitcoin ETF launch in the US has contributed to increased inflows, although they have not reached levels seen earlier this year. Despite concerns over Ethereum leading to outflows, overall market sentiment appears to be improving due to recent developments in the ETF space.
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