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Cryptocurrency News Articles
Bitcoin (BTC) Products See Massive Inflows as Ethereum (ETH) Investment Products Flip Positive
Oct 14, 2024 at 04:02 am
According to CoinShares’ recent weekly report, inflows into cryptocurrency products saw a massive increase last week.
Cryptocurrency products saw a massive inflow last week as interest in risk assets surged following the US Federal Reserve's interest rate cut earlier this month.
According to CoinShares’ recent weekly report, crypto investment products saw a third consecutive week of positive flows.
These inflows come as no surprise, given the recent uptick in crypto prices, with Bitcoin (BTC) and most altcoins trading higher.
Bitcoin had the highest inflows, which stood at around $1 billion last week alone.
With these inflows, the month-to-date flows for Bitcoin products reached $1.14 billion, while the year-to-date flows now stand at $22 billion.
This data comes amid a significant growth in the spot Bitcoin exchange-traded fund (ETF) products that US issuers offer.
On September 27, inflows to Bitcoin ETFs reached $494 million per SoSoValue data, which were the highest since July.
“The approval of options for certain US-based investment products likely boosted sentiment, although trading volumes have not seen a commensurate rise, in fact, they declined slightly by 3.1% week-on-week,” the report noted.
Ethereum investment products flip positive
While Ethereum (ETH) has been struggling with declining prices, interest in Ethereum investment products shifted last week as flows turned positive for the first time in five weeks.
Last week, Ethereum products saw positive flows of $86 million per CoinShares. However, despite this positive metric, the month-to-date flows remained negative at $60 million.
This positive flow data also coincided with a recovery in Ethereum prices, with the largest altcoin gaining by 14% in the last two weeks. ETH traded at $2,457 after a 0.59% loss in 24 hours.
Other altcoins also reported positive flows, with Ripple's XRP and Cardano (ADA) seeing inflows of $0.8 million and $0.1 million, respectively.
XRP investment products attracted $1.9 million in inflows in the past month. However, ADA's month-to-date flows were negative, with outflows reaching $0.3 million.
While nearly all altcoin products saw positive flow data last week, Solana products failed to record the same. Instead, SOL products saw outflows of $4.8 million, suggesting that investors were shying away from investing in the Ethereum killer.
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