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Cryptocurrency investment products recorded inflows for the third consecutive week. According to CoinShares’ weekly report, last week’s inflows totaled $1.05 billion. As a result, flows accumulated in the year so far represent a historic record of US$14.9 billion.

As CoinShares highlighted in its report, recent price increases have also pushed total cryptocurrency ETPs to $98.5 billion. Weekly ETP trading volumes also increased by 28% to $13.6 billion.

At a regional level, flows were mainly concentrated in the United States, as is usual. The North American country recorded inflows of US$1.03 billion, with Grayscale seeing its outflows decrease drastically to just US$15 million during the week.

Meanwhile, Germany and Switzerland also recorded inflows of US$48 million and US$30 million, respectively. Likewise, Brazil also recorded inflows totaling US$1.9 million.

Regrettably, since the initial launch of spot Bitcoin-based exchange-traded funds (ETFs) in Hong Kong (which saw $300 million in the first week), there have been further outflows last week of $29 million.

Entries and exits in cryptocurrency funds

Also according to the report, the majority of inflows last week went to Bitcoin ETPs. These funds recorded $1.01 billion in inflows last week.

Meanwhile, Bitcoin shorts suffered another week of outflows totaling $4.3 million, suggesting sentiment is turning broadly positive despite recent price increases.

“This is likely due to investors interpreting the FOMC minutes and recent macro data as moderately dovish,” CoinShares highlighted.

Finally, the report noted that the second largest cryptocurrency on the market, Ethereum, recorded inflows of US$36 million in the week. This is the highest volume of inflows since March this year and is likely an early reaction to the approval of ETH ETFs in the United States. Another very popular altcoin, Solana, also recorded inflows of US$8 million last week.

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