Cryptocurrency Investment Products See Continued Inflows
Cryptocurrency investment products have managed to keep their streak of inflows going, coinciding with Bitcoin hovering close to a new high. Meanwhile, ether has briefly surged past $2,800 for the first time since February.
Over the past trading week, global exchange-traded products (ETPs) in the crypto sector saw an inflow of $1.9 billion. This brings the nine-week total to about $12.9 billion, as reported on Monday.
Coinshares’ research director, James Butterfill, noted that the crypto ETPs have achieved a historic annual influx of $13.2 billion year-to-date (YTD).
Assets under management (AUM) for these crypto ETPs increased to $179 billion, a rise from $175.9 billion the previous week.
Bitcoin Records Notable Influx
After experiencing a couple of weeks with minor outflows, Bitcoin (BTC) investment products rebounded with a significant influx of $1.3 billion last week. Interestingly, shortcoin products had a small inflow of $3.7 million, but AUM remained steady at $96 million.
Ether (ETH) ETP, meanwhile, secured the second-largest influx, adding $583 million to its total last week. According to Butterfill, this inflow represents ETH’s largest profit since February, highlighting a strong daily performance.
Following a three-week outflow, XRP (XRP) investment products saw a positive shift with an inflow of $11.8 million last week, while SUI (SUI) products gained an additional $3.5 million.
BlackRock’s Crypto ETF Sees Major Inflows
BlackRock’s iShares Exchange-Traded Funds led the way among issuers with an influx of $1.5 billion last week, pushing the year-to-date total over $14.2 billion.
In the U.S., other crypto ETFs recorded smaller inflows, totaling about $95 million, although a European fund, Coinshares XBT Provider, experienced a slight outflow of $17 million.
Even with nine weeks of inflows, most publishers are still experiencing year-to-date outflows. Grayscale, in particular, has faced significant losses, exceeding $1.6 billion. The U.S. publisher Proshare is the only one not seeing any year-to-date outflows, managing a total influx of $437 million.
Ethereum Momentum and Market Pressures
According to Butterfill, digital assets last week added pressure to riskier assets, partly due to escalating tensions in the Israeli-Iran conflict. This situation also sparked renewed interest in gold, with spot gold prices jumping to $3,448, a high not seen since early May.
Bitcoin briefly slid to $103,000 after trading around $110,000 close to the new high, following reports of attacks on Iran’s nuclear program. However, by the end of the trading week, BTC had rebounded to approximately $106,000.
On the other hand, ether managed to maintain its momentum, even experiencing a brief dip last Wednesday, where it dropped from a high of $2,869 to a low of $2,473 on Thursday.
The ether ETP marked an eight-week streak with a total inflow of $1.9 billion, and its Wednesday influx of $256 million was the most significant since early December 2024, as indicated by Coinshares’ Butterfill.
Currently, both Bitcoin and Ether are showing commendable recovery, trading at $107,171 and $2,628 respectively.
