Global cryptocurrency investment funds recorded net inflows of $2 billion last week, according to the latest report from CoinShares, released on June 10.
This brings the recent five-week series of inflows to $4.3 billion. Furthermore, inflows put assets under management above the $1 billion level for the first time since March. Trading volumes on ETPs experienced growth of $12.8 billion for the week, up 55% from the previous week.
“Exceptionally, there were entries in almost all providers, with a continuous slowdown in exits from incumbent operators. We believe this turnaround in sentiment is a direct response to weaker than expected macroeconomic data in the US, bringing forward expectations of a monetary policy rate reduction. Positive price action saw total assets under management (AuM) rise above the US$100 billion mark for the first time since March this year,” the report highlighted.
According to the data, the main focus of the entries was the largest cryptocurrency on the market, Bitcoin. The asset was responsible for experiencing inflows worth US$1.97 billion last week, while Bitcoin sold recorded outflows for the third consecutive week, which reached US$5.3 million.
At the time of publication, the price of Bitcoin was quoted at US$69,324.72, down 0.2% in the last 24 hours.
Ethereum also recorded an important performance in the same period with its best week of inflows since March. The market’s second-largest cryptocurrency saw inflows of $69 million, suggesting a positive reaction to the approval of spot Ethereum exchange-traded funds (ETFs).
The survey also highlighted a lower market activity for altcoins, with emphasis on the cryptocurrencies Fantom (FTM) and XRP, which saw inflows of US$ 1.4 million and US$ 1.2 million, respectively.
Bitcoin Spot ETFs reach 1 Million BTCs, reveals Michael Saylor
Michael Saylor, the president of MicroStrategy and one of Bitcoin’s biggest advocates, highlighted a significant feat for Bitcoin exchange-traded funds (ETFs). According to Saylor, currently 34 Spot Bitcoin ETFs hold an impressive total of more than one million BTC, equivalent to exactly 1,031,973 BTC.
This milestone represents a significant turning point in the cryptocurrency market, where ETFs have stood out as an attractive option for investors who want exposure to Bitcoin without the need to own it directly.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/fundos-de-investimento-em-criptomoedas-registraram-entradas-de-us-2-bilhoes-detalhes/
