Cryptocurrency investment products recorded the highest ever inflow of funds last week, as the U.S. government shutdown boosted the spot crypto market.
According to a report by CoinShares on Monday, global cryptocurrency exchange-traded products (ETPs) saw an inflow of $5.95 billion in the week ending Friday—marking the largest single-week inflow in history.
"We believe this is a delayed reaction to the Federal Open Market Committee (FOMC) interest rate cuts, combined with very weak employment data […], and concerns about the stability of the U.S. government following the shutdown," said CoinShares research director James Butterfill.
This record inflow occurred amid an overall bullish trend in the crypto market, with Bitcoin (BTC) reaching a historic high of over $125,000 on Saturday.
The inflow into cryptocurrency ETPs reached $5.95 billion, surpassing the previous record of $4.4 billion set in mid-July by 35%.
Unlike the previous record inflow that was almost evenly split between Bitcoin and Ethereum (ETH), the latest surge was primarily driven by BTC, with Bitcoin funds attracting a record $3.6 billion.
"Despite prices nearing historic highs this week, investors did not choose to buy short investment products," noted Butterfill from CoinShares.
Ethereum ETP inflows totaled $1.48 billion, pushing the year-to-date inflow to another record of $13.7 billion, nearly three times that of last year, Butterfill stated.
According to CoinShares data, Solana (SOL) ETP inflows ranked third at $706.5 million, while Ripple (XRP) increased by $219.4 million, both setting records.
In line with the record inflows, the total assets under management (AUM) of crypto funds surpassed $250 billion for the first time, reaching a new high of $254.4 billion.
The historic inflow record for cryptocurrency ETPs coincided with the U.S. Securities and Exchange Commission (SEC) halting operations last week, raising concerns about potential delays in the long-awaited approval of exchange-traded funds (ETFs) in October.
According to Eleanor Terrett from Crypto in America, the SEC can still take action against fraud and market emergencies, but the shutdown is expected to broadly lead to delays in regular operations.
"It's like a rain delay," said Bloomberg senior ETF analyst Eric Balchunas last week.
Despite the anticipated slowdown, Grayscale Investments, the second-largest cryptocurrency ETF provider in the U.S. after BlackRock, launched the first U.S.-listed spot cryptocurrency ETPs supporting staking on Monday.
These new staking-oriented products—the Grayscale Ethereum Mini Trust ETF (ETH) and the Grayscale Ethereum Trust ETF (ETHE)—now allow investors to earn additional staking rewards on top of the fund's market performance.
Related: Buffett prefers the S&P 500, but it has dropped 88% when priced in Bitcoin (BTC)
Original article: “Crypto Funds Record $5.95 Billion Inflows Amid Shutdown Concerns”
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