Cryptocurrency investment products attracted $2 billion in new inflows last week, according to the European investment firm CoinShares.Global crypto e
Cryptocurrency investment products attracted $2 billion in new inflows last week, according to the European investment firm CoinShares.
Global crypto exchange-traded products (ETPs) have added $5.5 billion in inflows in the past three weeks, according to the latest weekly report from CoinShares.
With the new inflows, total assets under management (AUM) in all crypto ETPs worldwide jumped 3.3% from $151 billion to $156 billion.
Although the positive trend has continued for the past three weeks, the latest weekly inflows were down 41% from last week’s $3.4 billion of inflows — the third-largest crypto ETP inflows on record.
Inflows slowed down despite new Bitcoin gains
The slowdown in crypto ETP inflows came despite Bitcoin (BTC) seeing some brief gains last week, with the price rising from about $94,300 on April 28 to an intraweek high above $97,000 on May 2, according to data from CoinGecko.
In the trading week from April 28 to May 2, Bitcoin saw $1.8 billion of inflows, down 43% from the week before.
However, bearish investors increased positions as short Bitcoin ETPs saw a 300% spike in inflows compared to the previous week, up to $6.4 million from $1.6 million.
Altcoins Ether (ETH) and XRP (XRP) saw ETP inflows of $149 million and $10 million, respectively.
Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market
With Bitcoin accounting for 98% of all year-to-date crypto ETP inflows, total inflows this year amounted to $5.6 billion as of May 3.
Inflows concentrated with BlackRock’s iShares
According to CoinShares data, crypto ETP inflows were highly concentrated with BlackRock’s iShares products, which saw as much as $2.7 billion last week.
Still, crypto ETPs by issuers like ARK Invest and Fidelity Investments were bleeding last week, with outflows amounting to $458 million and $201 million, respectively.
Other issuers such as Bitwise, Grayscale and ProShares recorded minor outflows for their crypto ETP products last week, totaling $36 million, $31 billion and $25 million, respectively.
Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3
cointelegraph.com