Crypto investment products saw their third straight week of inflows last week, reaching $1.35 billion. This has pushed the total inflows for July to surpass $3 billion, according to CoinShares’ latest weekly report.
Notably, ETP trading volumes also rose significantly last week, increasing by 45% week-on-week to $12.9 billion. However, this significant volume only accounts for 22% of the overall crypto market volume.
Positive sentiments
Bitcoin-related products led the inflows, contributing 95% of the total with $1.27 billion. The flows were dominated by BlackRock’s IBIT and Fidelity’s FBTC, whose BTC ETFs saw nearly $1 billion in inflows last week.
Conversely, short-bitcoin ETPs saw outflows of $1.9 million, bringing total outflows since March to $44 million, representing 56% of assets under management (AuM).
James Butterfill, head of research at CoinShares, explained that this trend indicates the enduring positive investor sentiment since Bitcoin completed its halving event in April.
Ethereum-related products also saw positive movement, with $45 million in inflows last week. This brought its year-to-date (YTD) inflows to $103 million, overtaking Solana.
The rise in Ethereum inflows is linked to the anticipated launch of its spot exchange-traded funds (ETFs). Last week, the Chicago Board Options Exchange (Cboe)
Go to Source to See Full Article
Author: Oluwapelumi Adejumo
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
