Crypto funds log second week of inflows after massive $5.5B sell-off

Cryptocurrency concern products maintained upward momentum past week, logging 2 consecutive weeks of gains pursuing important outflows.

Crypto exchange-traded products (ETPs) attracted $716 cardinal successful inflows past week, adding to the previous week’s gains of $1 billion, European crypto plus manager CoinShares reported Monday.

“Daily information highlighted insignificant outflows connected Thursday and Friday successful what we judge was a effect to macroeconomic information successful the US alluding to ongoing inflationary pressures,” CoinShares’ caput of research, James Butterfill, said successful the update.

The caller inflows pushed full assets nether absorption (AUM) supra $180 billion, marking an 8% rebound from November lows following $5.5 cardinal of four-week outflows. However, AUM remains good beneath its all-time precocious of $264 billion, Butterfill noted.

Bitcoin leads inflows, Chainlink posts grounds inflow

Bitcoin (BTC) led crypto ETP gains past week, attracting $352 million successful inflows, followed by XRP (XRP) funds with $244 million.

Chainlink (LINK) stood retired with a grounds inflow of $52.8 million, which represented 54% of its AUM.

Weekly crypto ETP flows by plus arsenic of Friday (in millions of US dollars). Source: CoinShares

On the different hand, Ether (ETH) funds saw insignificant inflows of $39 million, portion abbreviated Bitcoin ETPs posted astir $19 cardinal successful outflows, perchance indicating a lessening of antagonistic sentiment.

ProShares tops inflows, portion BlackRock’s iShares bleeds

Among issuers, ProShares led inflows with $210 million, portion BlackRock — the largest issuer by AUM — experienced $105 million successful outflows.

Cathie Wood’s ARK and Grayscale Investments besides saw outflows, signaling $78 million and $7 million, respectively, past week.

Weekly crypto ETP flows by issuer arsenic of Friday (in millions of US dollars). Source: CoinShares

Geographically, astir each regions globally saw inflows, with the astir notable being the US, Germany and Canada, with inflows of $483 million, $97 cardinal and $80.7 million, respectively.

Related: Sweden eyes entering the Bitcoin ‘digital arms race’

On the different hand, Sweden saw $5.6 million successful outflows past week, pushing its year-to-date outflows to $836 million, topping planetary outflows.

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