Crypto funds have seen a remarkable increase, with $1.2 billion in net weekly inflows. This surge marks the third consecutive week of recovery for global crypto investment products managed by major firms including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares. According to CoinShares, the latest net inflows are the highest in ten weeks, driven by expectations of dovish monetary policy in the U.S. and the resulting positive price momentum.
Last week, U.S.-based funds generated $1.2 billion in net inflows, with spot Bitcoin ETFs contributing a significant $1.1 billion alone. Despite this positive trend, trading volumes decreased by 3.1% week-over-week.
In addition to the U.S., Switzerland-based crypto investment products attracted net inflows of $84 million. However, Germany and Brazil experienced net outflows of $21 million and $3 million, respectively.
Bitcoin-based investment products accounted for the majority of last week's net inflows, adding $1.1 billion globally, while short Bitcoin investment products also saw $8.8 million in net inflows. Ethereum investment products ended a five-week negative streak, contributing $87 million to the net inflows.
The U.S. spot Ethereum ETF accounted for $85 million of these flows, marking its largest weekly inflows since early August. Conversely, Solana-based investment products faced a decline, with $0.8 million exiting globally.
As of now, Bitcoin is trading at $64,393, down 1.8% over the past 24 hours.
Disclaimer: The Block is an independent media outlet providing news, research, and data. This article is for informational purposes only and does not constitute legal, tax, or investment advice.
