Crypto market investment products recorded their first weekly inflow since January last week, snapping a five-week streak of outflows of around $4 billion.
Exchange-traded products (ETPs) attracted an inflow of $1 billion last week, of which $882 million went to Bitcoin (BTC) funds, According to to Monday’s CoinShares report.
“From a macro standpoint, it’s hard to attribute the change in sentiment to any one catalyst,” said James Butterfill, head of research at CoinShares.
He said the reversal likely reflected prior price weakness, a break below key technical levels and renewed accumulation by immense Bitcoin holders.
“More anecdotally, recent discussions with clients have focused almost entirely on identifying entry points rather than limiting exposure to this asset class,” he added.
Ether and Solana add $171 million in weekly cryptocurrency inflows
CoinShares reported that Ether (ETH) funds attracted about $117 million, marking their best week since January, while Solana (SOL) attracted about $54 million.
Chainlink (LINK) and XRP (XRP) followed, with inflows of $3.4 million and $2 million, respectively.
Despite renewed demand, Bitcoin and Ether ETP prices remain negative this year, with net outflows of $408 million and $430 million, respectively.
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In turn, Solana and XRP products have recorded revenues of $156 and $153 million since the beginning of the year.
US spot Bitcoin ETFs lead with $787 million in inflows
Regionally, ETP flows were broadly even, with the majority of inflows coming from the United States at USD 957 million. Canada, Germany and Switzerland recorded inflows of $34 million, $32.7 million and $28 million, respectively.
Most of the gains came from U.S. spot Bitcoin ETFs, which brought in $787.3 million last week, breaking a five-week streak of outflows that totaled more than $3.8 billion. According to to SoSoValue.
Despite the renewed inflow of funds, total assets under management in cryptocurrency ETPs fell to $127.7 billion from $130.4 billion in the previous week.
Net assets in Bitcoin ETFs also declined, falling to $83.4 billion from $85.3 billion a week earlier.
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