Despite sharp declines in major cryptocurrencies like Bitcoin and Ether, cryptocurrency investment products continued to draw strong investor interest last week.
According to CoinShares, global crypto exchange-traded products (ETPs) saw $1.24 billion in inflows during the trading week ending Friday.
These latest inflows pushed year-to-date (YTD) totals to a record-breaking $15.1 billion, setting a new all-time high, noted James Butterfill, head of research at CoinShares.
Total assets under management (AUM) in crypto ETPs also saw a slight increase, rising from $175.9 billion to $176.3 billion.
Bitcoin tops ETP inflows for second straight week
Bitcoin ETPs recorded $1.1 billion in inflows for the second week in a row, even as BTC prices fell from around $108,800 on June 16 to $103,000 by week’s end, according to CoinGecko.
The continued strength in Bitcoin ETP inflows, despite the spot price decline, suggests that investors are buying the dip, said CoinShares’ head of research, James Butterfill.
“This sentiment was further supported by minor outflows from short-Bitcoin products, which totalled $1.4 million,” he added.
Crypto Fear & Greed Index briefly dips into “Fear” territory
CoinShares’ latest crypto ETP report comes on the heels of significant shifts in the Crypto Fear & Greed Index, which fell to “Fear” on Sunday after holding steady in the “Greed” zone for the past month. By Monday, the index had modestly rebounded to “Neutral.”
Despite strong overall activity in crypto ETPs last week, sentiment began to taper off in the latter half—likely influenced by the U.S. Juneteenth holiday and growing reports of U.S. involvement in the Iran conflict, noted James Butterfill of CoinShares.
Both crypto ETPs and spot prices remained resilient last week, with ETPs attracting $1.9 billion in inflows despite the intensifying Israel-Iran conflict.
