Ethereum leads $176 million crypto fund inflows as investors buy the dip
The post Ethereum leads $176 million crypto fund inflows as investors buy the dip appeared on BitcoinEthereumNews.com.
Key Takeaways Digital asset investment products saw $176m in inflows as investors bought the recent price dip. Ethereum attracted $155m in inflows, bringing its year-to-date total to $862m, the highest since 2021. Crypto funds attracted $176 million in inflows last week, with products indexed to Ethereum (ETH) leading the pack with $155 million in inflows, according to CoinShares. Total assets under management (AUM) of investment products, which had fallen to $75 billion during the correction, rebounded to $85 billion. This brings its year-to-date inflows of ETH funds to $862 million, the highest since 2021, largely driven by the recent launch of US spot-based exchange-traded funds (ETFs), as investors viewed recent price weakness as a buying opportunity Bitcoin, after initial outflows, saw significant inflows in the latter part of the week, totaling $13 million. Short Bitcoin exchange-traded products (ETPs) experienced their largest outflows since May 2023, amounting to $16 million, reducing the AUM for short positions to its lowest level since the start of the year. Moreover, every region saw inflows, indicating widespread positive sentiment following the price correction. The US led with $89 million, followed by Switzerland ($20 million), Brazil ($19 million), and Canada ($12.6 million). Trading activity in ETPs surged to $19 billion for the week, surpassing the $14 billion weekly average for the year. US ETFs close the week with outflows Spot Bitcoin and Ethereum ETFs traded in the US wrapped last week with outflows. Ethereum ETFs saw nearly $16 million in cash leaving their holdings, totaling $68.5 million in outflows from Aug. 5 to Aug. 9, equivalent to 1% of their total AUM. Notably, as reported by Crypto Briefing, BlackRock’s ETHA is driving towards $1 billion in net inflows. Meanwhile, Bitcoin ETFs registered net outflows of $167 million in the same period, after closing last Friday with…
Filed under: News - @ August 14, 2024 6:19 am