Last week, despite significant price declines in major crypto assets like Bitcoin (BTC) and Ethereum (ETH), cryptocurrency investment products continued to attract strong investor interest.
According to a report released by CoinShares on Monday, global cryptocurrency exchange-traded products (ETPs) recorded $1.24 billion in inflows during the trading week ending last Friday.
James Butterfill, Head of Research at CoinShares, stated that with the latest inflows, crypto ETPs continue to break year-to-date (YTD) inflow records, reaching a historic high of $15.1 billion.
Despite the continued inflows, the total assets under management (AUM) of crypto ETPs slightly decreased from $179 billion the previous week to $176.3 billion by the end of last week.
Bitcoin (BTC) ETPs recorded inflows for the second consecutive week, totaling $1.1 billion, even though, according to CoinGecko data, the price of BTC fell from about $108,800 on June 16 to $103,000 over the weekend.
Butterfill noted that despite the decline in spot prices, the dynamics of Bitcoin ETPs still show resilient growth, indicating that investors are buying in during price weakness.
He added, "This sentiment is further supported by a slight outflow of $1.4 million from short Bitcoin products."
As CoinShares released its new crypto ETP report, the crypto fear and greed index showed some significant adjustments, indicating that market sentiment dropped to "fear" on Sunday, after remaining in "greed" for the previous month. By Monday, the index slightly recovered to "neutral."
Although crypto ETP activity remained strong last week, Butterfill pointed out that sentiment towards ETPs cooled in the latter half of the week due to the U.S. June holiday and reports of U.S. involvement in the Iran conflict.
In the previous trading week, despite the escalation of the Israel-Iran conflict, both crypto ETPs and spot crypto prices performed strongly, with ETPs recording $1.9 billion in inflows.
Related: Geopolitical storm hits, Bitcoin (BTC) falls below $99,000, short-term rebound on Monday fails to ease market concerns.
Original: “CoinShares: Despite Market Panic, Crypto Funds Still Recorded $1.2 Billion in Inflows”
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