Crypto investment products see $2.5 billion in weekly inflows as Ethereum continues to outpace Bitcoin: CoinShares
The Block
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Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares generated net inflows of $2.48 billion last week, rebounding from the prior week's outflows, according to CoinShares' data.
That took August's total net inflows to $4.37 billion, and brings the year-to-date figure to $35.5 billion. However, assets under management slipped 10% from their recent peak to $219 billion amid negative price action for the asset class last week.
"Inflows were strong throughout the week but turned negative on Friday after the release of Core PCE data, which failed to support expectations of a Federal Reserve rate cut in September, disappointing digital asset investors," CoinShares Head of Research James Butterfill said in a Monday report.
Weekly crypto asset flows. Images: CoinShares.
Ethereum investment products continue to dominate
While the U.S. market led last week's inflows, accounting for $2.29 billion of the total, positive sentiment was also witnessed in Switzerland, Germany, and Canada, with crypto funds in those regions adding $109.4 million, $69.9 million, and $41.1 million, respectively.
"The broad regional spread of inflows suggests that Friday's outflows were more likely driven by profit-taking rather than signalling a more concerning trend for the asset class," Butterfill said.
Ethereum-based funds also continued their global dominance, adding another $1.4 billion in net inflows compared to Bitcoin products' $748 million. The U.S. spot Ethereum ETFs accounted for $1.08 billion of this figure, according to data compiled by The Block, while the U.S. spot Bitcoin ETFs brought in $440.8 million.
During August, Ethereum funds saw $3.95 billion worth of total net inflows, while their Bitcoin counterparts experienced $301 million in outflows.
Meanwhile, Solana and XRP-based investment products also witnessed net inflows of $177 million and $134 million, respectively, driven by optimism over potential spot U.S. ETF launches, Butterfill said.
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