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Powell's speech reflected positively on crypto funds: $533 million arrived
Cryptocurrency funds closed last week with a plus of $533 million. Most of the entries into the funds came after Powell's speech on Friday. The biggest investment, as always, received Bitcoin funds.
Cryptocurrency funds had a net inflow of $533 million last week. This figure pointed to the peak of the last 5 weeks. While Bitcoin funds net invested $543 million, the outflows of $35.7 million in Ether funds also drew attention.
Most of the entries are on Friday
The report, prepared by CoinShares analysts, stated that most of the entries were during and after Powell's speech on Friday. As it is known, Powell, in his speech in the town of Jackson Hole on Friday, gave the message that action would be taken on interest rate cuts in September.
Altcoin funds remained low
The performance of altcoin funds, which has serious inflows in recent weeks, has been low last week. While only 100 thousand dollars entered the Solana funds, LTC funds saw 500 thousand dollars, XRP funds 300 thousand dollars and ADA funds 300 thousand dollars.
An investment of 1.7 million dollars came to the "Short Bitcoin" funds that invested in the fall of Bitcoin.
Exits again in Grayscale...
The leader of the week in Bitcoin spot ETFs was BlackRock again. The IBIT fund was at its far peak at $318 million. The closest fund to it was Fidelity's Wise Origin ETF. The Fidelity fund received an investment of $87 million. On a weekly basis, there were 87 million dollar exits from Grayscale's Bitcoin fund and 118 million dollars from the Ether fund.
