Bitcoin and Ethereum in the spotlight as crypto investment products recorded significant inflows for the third week in a row as earnings surged to $1.35 billion. According to CoinShares’ latest data, BlackRock, Fidelity, Ark Invest, Grayscale and 21Shares were among notable asset managers that registered inflows.
Sustained Positive Market Sentiments
James Butterfill, CoinShares Head of Research noted that the positive market sentiments which commenced from the beginning of July remain sustained. Currently, the latest run brings total net inflows to $3.2 billion.
Additionally, the exchange-traded product trading volumes recorded an approximate 45% uptick, week-on-week to $12.9 billion. This figure represents 22% of market volumes in the broader crypto space.
Notably, Bitcoin based investment products took the lead as they recorded net inflow of $1.27 billion while short-Bitcoin ETPs witnessed outflows of $1.9 million. According to Butterfill, the total outflow in short-Bitcoin since March is $44 million. This represents 56% of assets under management, a reflection of the positive market sentiments since the Bitcoin halving.
As per the regional performance, U.S. spot Bitcoin ETF accounted for a large chunk of the inflows as they added almost $1.2 billion over the past week. However, this inflow does not account for those of Ark Invest’s ARKB ETF as its figure is still being expected.Â
Switzerland-based funds recorded inflows of $66 million while Hong Kong and Brazil-based funds recorded some net negligible outflows.
Ethereum Rising Popularity
Meanwhile, there is a shift in Ethereum outlook as last week inflow showed that $45 million was recorded. This brings the net inflows year-to-date to $103 million. This surpassed that of Solana which stands at $71 million.
Some analysts hinge the inflows on Ethereum to anticipation of trading which is set to begin July 23 on the Chicago Board Option Exchange (Cboe). However, of the eight digital products approved, just five Ethereum EFTs are certain to go live.
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