💸 Cryptocurrency funds are on a roll, taking in $321 million last week!
Cryptocurrency funds have been performing like crazy lately, with more than $300 million inflows last week. CoinShares reports that this may be due to the Federal Reserve's decision to cut interest rates last week, which has made everyone more willing to invest in high-risk assets such as cryptocurrencies.
Among them, US funds were the biggest winners, attracting $277 million, and Switzerland was not to be outdone, with $63.4 million in inflows. However, the situation in Germany, Sweden, and Canada was not so optimistic, with outflows of $9.5 million, $7.8 million, and $2.3 million, respectively.
Speaking of the Fed's decision to cut interest rates, this has excited many investors. Rate cuts usually mean lower borrowing costs, so everyone is more willing to take risks, and the total assets of cryptocurrency funds have also risen by 9% from the previous week to $9.5 billion.
According to CoinShares data, Bitcoin funds are the biggest beneficiaries, with inflows reaching $284 million last week. The Ethereum Fund was not so lucky, with outflows for the fifth consecutive week, a total of $28.5 million. Analyzing the reasons, this may be due to the outflow of funds from Grayscale's Ethereum Trust and the limited inflow of funds from new ETFs.
Meanwhile, the Solana Fund is quite stable, with a steady inflow of funds every week, and $3.2 million inflow last week.
💬 So, do you think this momentum can continue? Will the cryptocurrency market continue to be hot? Or do you have any other better investment targets? Leave your opinions in the comment section!
