According to CoinShares, crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares returned to net inflows of $436 million globally last week, after two consecutive weeks of net outflows.
“We believe the increase in inflows over the weekend was due to a significant shift in market expectations for a 50 basis point rate cut on September 18,” CoinShares Head of Research James Butterfill wrote in a report on Monday, following comments from former New York Federal Reserve Bank President Bill Dudley last week.
However, volume remained steady for the week at $8 billion — well below the $14.2 billion Medium for 2024, Butterfill noted.
Weekly Cryptocurrency Flows | Source : CoinShares
Bitcoin -based funds once again led the flow, recovering and generating $436 million in weekly net inflows after a 10-day chain of $1.2 billion in net outflows. Short Bitcoin flows also reversed, recording $8.5 million in net outflows after three consecutive weeks of inflows.
The U.S. market also dominated, with spot Bitcoin ETFs in the country accounting for $403.9 million in weekly net inflows. Funds in Switzerland and Germany also saw net inflows of $27 million and $10.6 million, respectively, while Canadian products saw net outflows of $18 million.
Source: The Block
Solana investment products also saw net inflows of $3.8 million last week — the fourth consecutive week.
However, Ethereum-based funds continued to struggle, generating another $19 million in net outflows last week, adding to the $98 million outflows the week before. According to TradingView, the ratio between BTC and ETH fell below 0.04 over the weekend for the first time since April 2021.
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Dinh Dinh
According to The Block
