Crypto investment products see largest week of inflows in a year
Quick Take
- Crypto investment products saw inflows reach $199 million last week, according to CoinShares.
- That’s the highest level since July 2022.
European asset management firm CoinShares reported Monday the largest inflows into crypto investment products since July 2022, with $199 million pouring into funds last week.
In another sign the crypto market is seeing renewed enthusiasm as major asset management firms like BlackRock file for spot bitcoin ETFs, CoinShares said the gains last week corrected almost half the outflows seen in the previous nine weeks.
"We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the US Securities & Exchange Commission," CoinShares wrote.
Bitcoin takes most of the inflows
Bitcoin took most of the gains across firms like Coinshares and Grayscale, with inflows totaling $188 million last week. Short-bitcoin saw outflows for the ninth week in a row that reached $4.9 million. Ethereum saw inflows of $7.8 million, in a move that suggests "appetite for ethereum is lower than bitcoin at present."
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CoinShares said the excitement didn't trickle down to altcoins, with "very minor" inflows into XRP and Solana.
"But the improved sentiment did encourage some investors to buy multi-asset investment ETPs, with US$8m inflows last week," CoinShares said.
Total assets under management across fund managers are now at US$37 billion, the highest level since before the collapse of 3 Arrows Capital, according to CoinShares.
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