Last week, cryptocurrency investment products attracted a fresh influx of funds, offsetting the $1.4 billion outflow from the previous week.
According to CoinShares, cryptocurrency exchange-traded products (ETPs) saw an inflow of $2.48 billion last week.
Despite the continued inflow of funds, CoinGecko data shows that Bitcoin (BTC) market prices remain under pressure, dropping below $108,000 after briefly surpassing $113,000 earlier this week.
Ethereum (ETH) also fell from above $4,600 at the beginning of the week to below $4,300, following a similar trend to Bitcoin.
The return of funds last week is noteworthy, as it comes after a $1.4 billion outflow the previous week, although this figure is still far below the historical high of $4.4 billion set in July.
Spot Ethereum ETFs continued to dominate the market last week, attracting $1.4 billion in inflows, while Bitcoin funds saw a net inflow of $748 million.
SoSoValue data indicates that last Friday, both Ethereum and Bitcoin ETFs experienced outflows, ending Ethereum's six-day streak and Bitcoin's four-day streak of inflows.
Meanwhile, Solana (SOL) and Ripple (XRP) continued to benefit from optimistic market expectations regarding the launch of U.S. ETFs, with CoinShares reporting inflows of $177 million and $134 million, respectively.
August recorded inflows of $4.37 billion, bringing the year-to-date total to $35.5 billion, but the assets under management (AUM) of cryptocurrency funds still fell from $234.7 billion the previous week to $219 billion, a decrease of about 7%.
Inflows in August significantly decreased compared to July, when cryptocurrency ETFs reached a historical high of $12 billion, driven by 15 consecutive weeks of net inflows.
As of September 2, 2024, year-to-date inflows stand at $22.4 billion, with a cumulative total of $35.5 billion, representing a year-on-year increase of 58%. During the same period, the AUM of cryptocurrency funds grew by 165% year-on-year.
Despite the continued attraction of funds to cryptocurrency funds, as of Saturday, Bitcoin has seen a cumulative outflow of $301 million this month, while Ethereum ETPs attracted nearly $4 billion this month, accounting for over 91% of August's total inflows.
Related: A Bitcoin (BTC) whale with a $11 billion position bets $4 billion on Ethereum, with its ETH holdings surpassing SharpLink.
Original article: “Despite the decline in Bitcoin (BTC) and Ethereum (ETH) prices, cryptocurrency funds still recorded $2.5 billion in inflows”
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