Global crypto investment products see $321 million in net weekly inflows as rebound continues: CoinShares

Global crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares continued their rebound into a second week, adding net inflows worth $321 million last week, according to CoinShares — following two prior consecutive weeks of net outflows.

“This surge was likely driven by the Federal Open Market Committee (FOMC) comments last Wednesday, which took a more dovish stance than anticipated, including a 50 basis point interest rate cut,” CoinShares Head of Research James Butterfill wrote in a Monday report.

Total assets under management at the funds grew 9% as a result, with trading volume also up 9% on the week before at $9.5 billion, Butterfill added.

Bitcoin products dominate, ether funds remain an outlier

Bitcoin-based investment products dominated the flows as usual, generating $284 million in net inflows globally last week. However, the recent positive price action for the foremost cryptocurrency also attracted net inflows of $5.1 million into short-bitcoin funds, Butterfill noted.

Solana-based funds also continued a positive streak, adding $3.2 million worth of net inflows last week amid a series of announcements at the Solana Breakpoint conference in Singapore.

Meanwhile, ether-based investment products remain an outlier, registering a further $29 million in net outflows last week, extending their negative run to a fifth-consecutive week, now totaling $187.7 million.

This is primarily driven by persistent outflows from Grayscale’s converted higher-fee incumbent fund, ETHE, generating $2.8 billion in total net outflows since trading began in July compared to $2.2 billion worth of net inflows from the newly launched U.S. spot Ethereum ETFs, Butterfill added.

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Regionally, U.S.-based funds also continued their dominance, witnessing $277 million in net inflows overall. Switzerland's registered investment products saw their second-largest weekly net inflows of the year, adding $63 million. However, funds in Germany, Sweden and Canada experienced net weekly outflows of $9.5 million, $7.8 million and $2.3 million, respectively.