In the latest CoinShares report, crypto investment products saw significant inflows totaling $533 million last week, marking the highest level of investment activity in the past five weeks. This surge follows a relatively modest period, with the previous week recording just $30 million in inflows.
Bitcoin Takes the Lead with $543 Million in inflows
Bitcoin emerged as the dominant asset, attracting $543 million in inflows, according to CoinShares. This substantial increase came after Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut in September. These inflows were recorded on Friday, indicating investor confidence following Powellâs comments. In comparison, Bitcoin had only seen $42 million in inflows the previous week.
Ethereum faces outflows amid modest performance
Ethereum, which had experienced modest inflows of $4.2 million in the prior week, saw a sharp reversal with $36 million in outflows. Despite continued inflows from new Ethereum ETF issuers, these gains were overshadowed by significant outflows from the **Grayscale Ethereum Trust**, which saw $118 million. This resulted in a net negative flow for Ethereum. However, itâs worth noting that the new Ethereum ETFs have attracted $3.1 billion in inflows since their launch a month ago, highlighting ongoing interest in Ethereum despite the recent outflows.
Trading volume and regional activity
The trading volume of crypto financial products also increased notably, reaching $9 billion last week. This marks a recovery from the previous week when trading volume had plunged by 50%. Regionally, the United States led the inflows with $498 million, a significant recovery from the previous weekâs $62 million. Hong Kong and Switzerland also reported notable inflows of $16 million and $14 million, respectively. However, Germany was the only country with net outflows year-to-date, recording a $9 million outflow last week.
Bitcoin and Ethereum have seen price gains recently, with Bitcoin reclaiming the $64,000 level and Ethereum surpassing $2,700. This positive price movement follows a period of muted performance, where Bitcoin struggled to maintain its position above $60,000.
The latest CoinShares report underscores the continued interest in Bitcoin and the shifting dynamics within the broader crypto market. As investors respond to macroeconomic signals, the performance of significant assets like Bitcoin and Ethereum will remain closely watched in the coming weeks.
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