Crypto Investment Products Garner $176 Million Inflows, Reports CoinShares
Crypto investment products witnessed a substantial influx of $176 million as savvy investors seized opportunities presented by recent price drops, according to CoinShares‘ latest weekly report.
James Butterfill, CoinShares’ head of research, highlighted that the total assets under management (AUM) for crypto ETPs fell to $75 billion during the market correction but have since rebounded to $85 billion as per the most recent report.
The trading volume for exchange-traded products (ETPs) surged to $19 billion in the period, surpassing this year’s weekly average of $14 billion.
Ethereum Takes the Lead
Ethereum emerged as the major beneficiary of the market correction, attracting $155 million in inflows last week. This brought its year-to-date inflows to $862 million, a figure unseen since 2021, largely attributed to the recent launch of US spot-based ETFs.
Experts commended the performance of Ethereum ETFs since their introduction in July. Notably, Nate Geraci, president of ETF Store, highlighted that BlackRock’s iShares Ethereum ETF is now among the top six ETF launches in 2024.
Commenting on this, Geraci noted:
“The iShares Ethereum ETF has attracted over $900 million in less than three weeks and is likely to hit $1 billion this week.”
Conversely, Bitcoin had a mixed week, starting with outflows but ending on a positive note with investors injecting $13 million into BTC-related investment products.
On the other hand, short Bitcoin ETPs saw their largest outflows since May 2023, totaling $16 million or 23% of their AUM. This decline in short positions’ AUM reflects a notable investor pullback.
Additionally, other digital assets like Solana, XRP, Cardano, and Litecoin witnessed minor inflows of approximately $6 million last week.
Interestingly, inflows were observed across all regions, signifying a widespread positive sentiment towards the asset class following the recent price adjustments.
The US led with $89 million, trailed by Switzerland with $20 million, Brazil with $19 million, and Canada with $12.6 million. However, the US stood out as the sole country to experience net outflows month-to-date, totaling $306 million.
