Crypto investment products are experiencing a surge in inflows, reaching their highest level since July 2022. CoinShares, a European asset management firm, reported a $199 million influx last week, indicating renewed interest from investors in the crypto space. This surge is seen as a correction, compensating for almost half of the outflows observed in the past 9 weeks. CoinShares attributes the surge to recent filings for physically backed ETFs, particularly those from high-profile issuers like BlackRock. Bitcoin-centric investment products saw the largest inflows, with $188 million last week, while short-bitcoin products experienced outflows for the ninth consecutive week. Ethereum also saw inflows, though at a lesser scale of $7.8 million. Notably, there is a minor flow towards alternative cryptocurrencies like XRP and Solana, indicating a diverse market interest. The improved market sentiment is also leading investors towards multi-asset investment ETPs, which saw an inflow of $8 million last week. With the increased inflows, the total assets under management (AUM) across fund managers have reached $37 billion, the highest level since before the collapse of Three Arrows Capital. Despite the surge in crypto investment inflows, large crypto assets like Bitcoin and Ethereum have seen a rebound from their losses amid the SEC lawsuit against Binance and Coinbase. Bitcoin experienced a slight dip of 0.6% in the past day but remains above the $30,000 benchmark. Ethereum has had no significant movement in the last 24 hours, with a daily trading volume above $8 billion and a market cap of $226 billion.
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