According to The Block, according to data from CoinShares, digital asset investment products recorded net inflows of $321 million globally for the second consecutive week.

James Butterfield, head of research at CoinShares, said the surge was likely driven by a 50 basis point rate cut by the U.S. Federal Reserve (Fed).

Global crypto funds from asset managers including BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares continued to rebound after two consecutive weeks of net outflows, with new net inflows of $321 million last week.

“The surge was likely influenced by comments from the Federal Open Market Committee (FOMC) last Wednesday, which were more dovish than expected, including a 50 basis point rate cut,” Butterfield wrote in a note on Monday.

As a result, total assets under management for these funds grew 9%, and trading volume also increased 9% from the previous week to $9.5 billion, Butterfield added.