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Cryptocurrency News Articles
Global Crypto Investment Products Rebounded Last Week, with Net Inflows Reaching $436 Million
Sep 17, 2024 at 01:49 am
While Bitcoin (BTC) Exchange-Traded Funds (ETFs) led the charge, funds from Ethereum (ETH) continue to struggle.
Global crypto investment products rebounded last week, with net inflows reaching $436 million, but funds tracking ether continue to struggle.
The uptick in crypto investment products comes after outflows reached $1.2 billion, according to CoinShares. But crypto funds issuers — including Fidelity Invsts, Ark Invsts, Bitwise, ProShares — were the sole contributors to the weekly net inflows.
Specifically, Fidelity’s ETF product clinched the top spot with weekly inflows of $218 million. Next on the list was Cathie Wood’s Ark Invsts, with net inflows of $83 million. Other notable contributors include Bitwise, ProShares ETF.
Rising inflows are likely due to expectations of a potential rate cut from the US Federal Reserves this week. Following comments from former NY FED President Bill Dudley, many market participants forecast a 50 basis point interest rate cut on September 18. The confidence in this rate cut comes from related moves from the Bank of England and other major central banks.
Across jurisdictions, the US recorded the highest spot Bitcoin ETF inflows, totaling $416 million for the week. Funds in Switzerland, Germany also saw substantial inflows of $27.1 million, $10.6 million, respectively. On the other hand, Canada, Sweden saw outflows of $17.9 million, $4.6 million, respectively.
While global crypto investment products saw inflows, trading volumes in ETFs for the week were flat at $8 billion, according to CoinShares. The figure is notably lower than the average $14.2 billion recorded this year.
Bitcoin was the main focus, seeing $436 million in inflows after a 10-day streak of outflows totaling $1.18 billion. Still, short Bitcoin flows reversed with outflows of $8.5 million after three weeks of inflows.
Solana investment products also witnessed net inflows of $3.8 million last week, the fourth week of consecutive inflows.
But many ether-based funds had a rough week. Collectively, the funds generated outflows of $19 million last week, adding to the $98 million in outflows recorded last week. According to TradingView, the ratio between Bitcoin and ether fell below 0.04 over the weekend for the first time since April 2021.
As our report previously mentioned, investors have withdrawn over $500 million since the launch of the ether ETFs. The massive capital outflow has increased market volatility, making liquidity a serious concern when profiling financial instruments.
Ethereum was trading for $2,309 at the last check, showing a 4.36% decline in 24 hours. However, the trading volume increased by over 123%. The uptick in trading volume suggests investors’ keenness to buy the coin despite price fluctuations.
Disclaimer:info@kdj.com
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