According to a report, crypto investments products saw a significant increase in investment of $176 Million as investors took advantage of the recent drop in prices. CoinShares‘ latest weekly report.
James Butterfill is the head of CoinShares’ research. He noted that during the recent correction, total assets managed (AUMs) of crypto ETPs dropped to $75 billion, but has since rebounded up to $85 billion in the most recent report.
The volume of trading in exchange-traded product (ETPs), which is the equivalent to trading on a weekly basis, jumped from $14 billion this week to nearly $19 billion.
Ethereum is the dominant cryptocurrency
Ethereum Last week, $155 million was injected into the influx of funds. The inflows for the year to date are now $862 million. This is the largest since 2021.
Experts in the market have given praise Ethereum ETFs’ performance Since their July launch. Nate Geraci (President of ETF Store) pointed out to Nate Geraci that BlackRock’s iShares Ethereum ETF was now among the top six ETFs launched in 2024.
Geraci remarked:
“The iShares Ethereum ETF has attracted over $900 million in less than three weeks and is likely to hit $1 billion this week.”
Meanwhile, Bitcoin Last week, Bitcoin’s flagship digital asset had mixed results. In the beginning of the week there were outflows, but the trend reversed towards the weekend as investors invested $13 millions in BTC related investment products.
Compared to this, Bitcoin short ETPs saw their biggest outflow since May 20, 2023. This amounted to 16 million dollars, or 23 percent of AUM. This decrease in AUM for the short positions represents a substantial investor withdrawal.
The other digital assets includes Solana, XRP, CardanoLast week, Litecoin and Bitcoin also experienced modest inflows, totaling about $6 million.
As a result, there was a large inflow of funds in every region, showing broader positive sentiment towards this asset class in the wake of the recent price drop.
Canada ranked third, followed by Switzerland, Brazil, and the US, each with $12.6 millions. The US is the only nation to have experienced net outflows of $306 million month-to date.
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Source: cryptoslate.com