Cryptocurrency investment products ended a four-week slump last week, attracting approximately $1 billion in new funds after a total outflow of about $5.5 billion over the previous four weeks.
Cryptocurrency exchange-traded products (ETPs) recorded an inflow of $1.07 billion last week, marking the first increase in funds since late October, according to European crypto asset management firm CoinShares.
CoinShares' research director James Butterfill attributed the rebound to market optimism regarding a potential interest rate cut in the U.S. following comments from Federal Open Market Committee (FOMC) member John Williams.
"The shift in sentiment stems from FOMC member John Williams stating that monetary policy remains restrictive, which has raised market expectations for a rate cut this month," Butterfill noted.
Bitcoin, Ethereum, and Ripple were the three major beneficiaries of ETP inflows last week, with Bitcoin leading at $464 million. Ethereum and Ripple followed with $309 million and $289 million, respectively.
Despite the weekly strength, Bitcoin and Ethereum remain in negative territory for the month, recording outflows of $2.8 billion and $1.4 billion, respectively.
The XRP fund, on the other hand, moved in the opposite direction. According to CoinShares, it has recorded nearly $790 million in inflows this month, including the largest weekly inflow in the asset's history.
Butterfill linked the strength of Ripple to the recent launch of U.S. exchange-traded funds (ETFs), such as the Ripple ETF from Canary Capital, which debuted in mid-November.
Regionally, despite light trading during Thanksgiving week, the U.S. still drove nearly $1 billion in inflows, Butterfill stated.
Among issuers, Fidelity recorded the largest inflow at $230 million, followed by Volatility Shares Trust with $160 million and BlackRock's iShares with $120 million.
The recovery of crypto ETPs aligns with the broader short-term gains in the crypto market last week, with Bitcoin briefly climbing back above $90,000.
However, this rebound was short-lived, as BTC fell below $86,000 on Monday, according to CoinGecko.
Related: Fed rate cut bets surge: Can Bitcoin (BTC) ultimately break through $91,000 for a new high?
Original article: “Cryptocurrency ETPs End Four-Week Decline, Attract $1 Billion Inflows; Ripple (XRP) Posts Best Weekly Performance”
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