Last week, cryptocurrency investment products couldn’t maintain their inflow streak, largely due to falling spot prices.
Global Crypto Exchange-Traded Products (ETP) saw an outflow of $812 million, putting an end to two weeks of positive inflow, as reported on Monday.
The management of total assets under management (AUM) dropped from a peak of $241 billion to around $221 billion, perhaps reflecting concerns over the reliability of anticipated US interest rate cuts.
This also coincided with a dip in Bitcoin’s value, which fell 3.4% to $109,000 from $112,000 on September 22, according to data from Coingecko.
Solana Stands Out
Both Bitcoin (BTC) and Ether (ETH) ETPs experienced notable losses last week, with outflows of $709 million and $409 million, respectively.
In contrast, the Solana (SOL) fund shone brightly, receiving an influx of $291 million, likely in anticipation of the upcoming Exchange Trade Fund (ETF) release.
Even though the recent inflow didn’t continue, Crypto ETPs managed to accumulate a significant total inflow, including around $4 billion this month and $39.6 million since the start of the year, as pointed out by Coinshare’s Batafil.
Related: October is looking to be a big month for ETFs, with 16 cryptocurrency funds awaiting final decisions.
Analysts suggest that Crypto Funds are poised to maintain momentum that might rival last year’s record inflow of $48.6 billion.
Upcoming ETF Developments
There’s a sense of excitement among ETF analysts regarding the potential developments in US Altcoin ETFs over the next few weeks.
Nate Geraci, president of Novadius Wealth Management, commented that the Securities and Exchange Commission (SEC) is likely to decide on multiple ETF filings soon, which could make the next couple of weeks crucial for Crypto ETFs.
Geraci also mentioned that Canary Capital’s Litecoin (LTC) ETFs are in the spotlight for the first time, with the SEC’s deadline coming up this week.
The anticipated decision about the Canary Litecoin ETF is expected to be followed by judgments on several other Altcoin ETFs, including those for XRP, Solana, Dogecoin, Cardano, and Hedera. He noted that the SEC has the flexibility to approve any of these at any moment.
Stay tuned: There are talks that ETH co-founders might move $6 million worth of ETH soon.
