A collection of exchange-traded fund (ETF) filings within the US earlier this month fueled optimistic market sentiment, pushing the worth of Bitcoin (BTC) above $30,000. This robust sentiment additionally resulted in giant quantities of funds flowing into crypto exchange-traded merchandise (ETPs) final week.
Crypto ETPs noticed inflows value $199 million within the week of June 19, in accordance with knowledge from CoinShares. These inflows got here after 9 consecutive weeks of outflows totaling over $400 million.
Most significantly, it’s the largest one-week influx into ETPs since July 2022, CoinShares famous. Moreover, at $37 billion, complete property beneath administration of ETPs additionally reached their highest stage since early June 2022.
Bitcoin ETPs attracted $188 million or 94% of complete inflows final week. Brief-Bitcoin, however, noticed outflows value $4.9 million — the ninth consecutive week of outflows.
Ethereum (ETH) ETPs noticed smaller inflows in comparison with Bitcoin at $7.8 million. The comparatively trivial inflows point out that the market at the moment has much less urge for food for ETH than BTC, CoinShares famous.
The market enhance generated by US ETF functions has not had a big affect on altcoin ETPs. XRP (XRP) and Solana (SOL) ETPs noticed negligible inflows of $240,000 and $170,000 respectively. Nonetheless, multi-fund ETPs noticed $8 million value of inflows final week.
The submit Crypto ETPs Report Inflows of $199 Million Final Week, Highest Since July 2022 appeared first on CryptoSlate.
