Bitcoin ETPs saw $790 million of inflows last week, a slowdown from the previous three-week average of $1.5 billion, with dynamics shifting in favor of Ethereum, according to CoinShares.
Cryptocurrency investment products clocked another week of inflows last week, even as volatility persisted across major digital assets, including Bitcoin and Ether.
Global crypto exchange-traded products (ETPs) recorded $1.03 billion of inflows for the trading week ended July 4, CoinShares reported on Monday.
With the fresh inflows, crypto ETPs continued breaking year-to-date (YTD) inflow records, setting a new historical high just under $19 billion, CoinShares’ head of research, James Butterfill, said.
Assets under management (AUM) in crypto ETPs reached $188 billion, up from last week’s $184.4 billion, marking another new high.
Bitcoin (BTC) ETPs led the way last week, posting $790 million of inflows, or 76% of total crypto ETP inflows last week.
BTC ETP inflows slowed from the previous three weeks, which averaged $1.5 billion of inflows weekly, Butterfill noted.
“The moderation in inflows suggests that investors are becoming more cautious as Bitcoin approaches its all-time high price levels,” he wrote.
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Ether (ETH) ETPs followed with $225 million of inflows, marking their 11th consecutive week of inflows.
“On a proportional basis, weekly inflows during this run have averaged 1.6% of AUM, significantly higher than Bitcoin’s 0.8%,” CoinShares’ Butterfill observed, suggesting that there has been a “notable shift in investor sentiment in favour of Ethereum.”
The majority of crypto inflows last week were handled through BlackRock’s crypto funds, which saw $436 million in inflows, or 42% of all last week’s inflows by issuers.
