Key points
- Digital asset investment products saw inflows of $176 million as investors bought during the recent price drop.
- ethereum attracted $155 million in inflows, bringing its year-to-date total to $862 million, the highest since 2021.
Share this article
Cryptocurrency funds attracted $176 million in inflows last week, with ethereum (eth)-indexed products leading the pack with $155 million in inflows. according According to CoinShares, total assets under management (AUM) of investment products, which had fallen to $75 billion during the correction, rebounded to $85 billion.
This brings its year-to-date eth fund inflows to $862 million, the highest since 2021, largely driven by the recent launch of US spot exchange-traded funds (ETFs) as investors viewed recent price weakness as a buying opportunity.
bitcoin, after initial outflows, saw significant inflows in the latter part of the week, totaling $13 million. Short bitcoin exchange-traded products (ETPs) saw their largest outflows since May 2023, totaling $16 million, reducing the AUM of short positions to its lowest level since the beginning of the year.
In addition, all regions recorded capital inflows, indicating a general positive sentiment following the price correction. The United States topped the list with $89 million, followed by Switzerland ($20 million), Brazil ($19 million) and Canada ($12.6 million).
Trading activity on ETPs rose to $19 billion during the week, surpassing the weekly average of $14 billion for the year.
US ETFs close the week with outflows
bitcoin and ethereum ETFs trading in the US on a spot basis closed last week with cash outflows. ethereum ETFs saw nearly $16 million in cash flow out of their holdings, totaling $68.5 million in outflows between August 5 and August 9, equivalent to 1% of their total assets under management.
In particular, as crypto Briefing reported, BlackRock’s ETHA is heading towards $1 billion in net inflows.
Meanwhile, bitcoin ETFs saw net outflows of $167 million in the same period, after closing last Friday with $89.7 million in negative net flows. Outflows from U.S.-listed bitcoin ETFs account for 0.32% of their total assets under management, which surprised Bloomberg ETF analyst Eric Balchunas.
<div class="ai-rotate ai-unprocessed” data-shares=”WzEwMF0=” style=”position: relative;”>
<div class="ai-rotate-option” style=”visibility: hidden;” data-index=”1″ data-name=”U0lNRVRSSQ==”>
