Bitcoin wraps week in crypto funds positive, Ether negative
Crypto funds closed last week as well, but the $245 million level remained quite quiet compared to the $2.5 billion figure seen in the previous week. While Bitcoin funds saw $519 million inflows, there was an exit of $285 million in Ether funds due to the Grayscale effect. Most of the Altcoin funds also ended the week in a plus.
Europe's largest digital asset management company, CoinShares, has released its weekly crypto fund report. Bitcoin funds received an investment of $519 million last week, while Ether funds had outflows. The biggest reason for the exits here was the sales in Ether funds opened in the USA. The size of the outputs in all of Grayscale's crypto funds was $1.4 billion.
Exit in Solana, the most investment in Cardano...
The situation was positive in altcoins. Apart from Solana funds, where sales of $2.7 million were seen, altcoin funds closed the week positively. Cardano (ADA) funds received the most investments with a net investment of $1.2 million. Litecoin funds received investments of 600, XRP funds 500, and Chainlink funds of 400 thousand dollars.
On the other hand, "short-Bitcoin" funds, which invested in the decrease in the price of Bitcoin, completed the week with an investment of 300 thousand dollars.
'There are 2 reasons for investor trust'
In the report, it was also stated that the reason for the recent entry into crypto money funds was the expectation of US elections and Fed interest rate cuts:
"As CoinShares; We think that the expectation that the Fed's interest rate cuts will start in September, with the prospect of Bitcoin being a reserve asset in the US election race, is effective in the investments in recent weeks."
On the other hand, the value of all crypto funds under the management of the companies is approaching the $100 million limit. The total value of the funds was $99.1 billion.
