The US macroeconomic environment has boosted investor confidence, which in turn has bolstered the demand for crypto-related investments.
The latest issue of the weekly report, CoinShares These observations are a good place to start financial The net flows of instruments were $2 billion, which is the same as in May.
Additionally, the asset has attracted $4.3 billion in investments over the past five weeks. This is notable as the second longest streak of investment since the US Securities and Exchange Commission approved the spot Bitcoin Exchange-Traded Funds (ETF) back in January.
James Butterfill is the head of CoinShares research. He noted that there were inflows at providers including BlackRock Fidelity Proshares Bitwise and Purpose. Grayscale also saw an increase in inflows.
Butterfill stated that these inflows can be traced to the “weaker-than-expected US macro data,” Which has raised the expectations for rate reductions in monetary policies. He said:
“[The] positive price action saw total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.”
After weeks of a more subdued trading environment, the activity in these investments products has exploded. The trading volume increased last week by 55% and reached $12.8 billion. This was significantly higher than the $8 billion that had been recorded during the previous week.
Bitcoin and Ethereum Drive Flows
BitcoinBTCInvestors continue to show a keen interest in, with $1.9billion in new inflows. In the meantime, BTC short products have seen outflows totaling $5.3million for a third straight week.
EthereumETHThe week of March 28th saw the highest inflows since last year, totaling $69,000,000. This brought ETH’s total year-todate flow to $81million, recouping earlier losses prior to the SEC approval several spot Ethereum ETF 19b-4 filings.
Other altcoins with significant activity had inflows below $1 million. Fantom, XRP, and other altcoins were notable, with inflows between $1.4 and $1.2 millions.
In this article, we mention a number of things. article
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cryptoslate.com