Bitcoin Sees $436 Million Rebound as Ethereum Funds Experience Outflows
Global crypto investment products rebounded last week, recording $436 million in net inflows, according to CoinShares.
The surge in inflows was primarily driven by Bitcoin-based funds, which saw a reversal after experiencing a 10-day streak of net outflows totaling $1.2 billion.
However, Ethereum-based funds continued to struggle, registering $19 million in net outflows for the week. This marked the second consecutive week of negative flows for Ethereum products, adding to the $98 million in outflows the week prior.
The rebound in overall crypto investment product inflows was attributed to a shift in market expectations for a potential 50 basis point interest rate cut by the Federal Reserve on September 18, according to CoinShares Head of Research James Butterfill.
Despite the net inflows, trading volume for crypto investment products remained flat at $8 billion, well below the $14.2 billion average for 2024.
The U.S. market dominated the inflows, with spot Bitcoin exchange-traded funds accounting for $403.9 million in net weekly inflows. Switzerland and Germany-based funds also saw net inflows of $27 million and $10.6 million, respectively, while Canada-based products witnessed net outflows of $18 million.
Solana investment products were a bright spot, recording $3.8 million in net inflows for the fourth week in a row.
The ratio between Bitcoin and Ether dropped below 0.04 over the weekend for the first time since April 2021, according to data from TradingView, as Ethereum-based funds continued to struggle.
