James Richardson
Global crypto funds managed by firms like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares continued to experience positive momentum, marking their third consecutive week of net inflows, according to CoinShares. The total inflows amounted to $1.2 billion, signaling the largest increase in the past 10 weeks.
This sustained growth in inflows was attributed to expectations of a more accommodative monetary policy in the U.S., which has led to positive price momentum. Assets under management (AUM) rose by 6.2% over the week, according to James Butterfill, Head of Research at CoinShares, in a report released on Monday.
Butterfill noted that the approval from the U.S. Securities and Exchange Commission (SEC) for the listing and trading of options for BlackRockโs spot Bitcoin ETF likely contributed to the market’s positive sentiment. Despite this, trading volumes did not rise in parallel, showing a 3.1% decline compared to the previous week.
In the U.S., crypto funds saw $1.2 billion in net inflows last week, with spot Bitcoin ETFs driving the majority of that, contributing $1.1 billion, according to data from PRIME X.
Switzerland-based crypto investment products attracted an additional $84 million in inflows, while funds in Germany and Brazil saw outflows of $21 million and $3 million, respectively.
The majority of last week’s net inflows came from Bitcoin-related investment products, which added $1.1 billion globally. Interestingly, even short Bitcoin investment products gained $8.8 million in net inflows, as Bitcoin’s price rose by 3.5% during the week. As of now, Bitcoin is trading at $64,393, down 1.8% over the past 24 hours, according to PRIME X Bitcoin Price Page.
Ethereum Products End Outflow Streak
Ethereum investment products also contributed to the positive trend, breaking a five-week streak of outflows. Global Ethereum funds saw net inflows of $87 million, with U.S.-based spot Ethereum ETFs accounting for $85 million, marking their largest inflow since early August.
On the other hand, Solana-based investment products ended their five-week positive run, experiencing outflows of $0.8 million globally.
