Cryptocurrency investment products regained momentum last week, with investor confidence improving after U.S. inflation data came in below expectations.
According to a report from CoinShares on Monday, cryptocurrency exchange-traded products (ETPs) recorded inflows of $921 million last week, surpassing the $513 million outflow from the previous week.
James Butterfill, head of research at CoinShares, stated that the main driver behind the bullish trend in the cryptocurrency fund market is the restored confidence in further interest rate cuts in the U.S., supported by the lower-than-expected CPI data released on Friday.
"The ongoing U.S. government shutdown and the resulting lack of key macroeconomic data have left investors without guidance on the direction of U.S. monetary policy," Butterfill wrote, adding that the CPI data helped restore expectations for further rate cuts.
Bitcoin (BTC), which was a major driver of outflows a week ago, saw inflows of $931 million last week, nearly fully recovering its losses.
Ethereum (ETH) experienced outflows for the first time in five weeks, totaling $169 million, with consistent outflows every day throughout the week. "Nevertheless, 2x leveraged ETPs remain popular," noted Butterfill from CoinShares.
Other altcoin ETPs, including Solana (SOL) and Ripple (XRP), saw a slowdown in weekly inflows ahead of the launch of U.S. exchange-traded funds (ETFs), recording inflows of $29.4 million and $84.3 million, respectively. Notably, Solana ETP inflows decreased by over 81% compared to the previous week.
Butterfill stated that the $931 million inflow into Bitcoin last week brought the total inflows since the Federal Reserve began cutting rates in September to $9.4 billion.
Despite the recent inflows of billions of dollars, he added that the total for Bitcoin funds year-to-date stands at $30.2 billion, which is about 38% lower than the $41.6 billion recorded last year.
Overall, the total assets under management in cryptocurrency funds reached $229 billion, with $48.9 billion inflows so far this year.
Related: Bitcoin (BTC) returns to $115,000 as crypto market sentiment shifts from "panic" to neutral
Original article: “Inflation Data Drives Rebound: Cryptocurrency ETPs Recorded $921 Million in Inflows Last Week”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
