Crypto funds see $1.9B inflows as Bitcoin ETFs extend streak

Cryptocurrency funds recorded a 2nd consecutive week of inflows past week, extending the $3.3 cardinal successful gains recorded the week before.

Crypto exchange-traded products (ETPs) logged $1.9 cardinal successful inflows past week, information from CoinShares showed Monday.

Bitcoin (BTC) and Ether (ETH) led the mode with inflows of $977 cardinal and $772 cardinal respectively, portion Solana (SOL) and XRP (XRP) besides saw beardown request with $127 cardinal and $69 cardinal of inflows.

With the caller gains, the full assets nether absorption (AUM) successful planetary crypto ETPs surged to a caller precocious of $40.4 cardinal year-to-date, CoinShares’ caput of research, James Butterfill, noted.

Bitcoin funds widen inflow streak to 4 weeks

Bitcoin funds maintained momentum past week, attracting the largest stock of inflows aft topping the gains with $2.4 cardinal successful inflows the erstwhile week.

The latest inflows marked the 4th consecutive week of gains for Bitcoin exchange-traded funds (ETFs), bringing the four-week full to $3.9 billion, according to SoSoValue.

In contrast, short-Bitcoin ETPs continued to struggle, with $3.5 cardinal successful outflows and full AUM dropping to a multiyear debased of $83 million.

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

Ether ETPs besides saw beardown capitalist request past week, with caller inflows pushing year-to-date totals to a grounds $12.6 billion, according to CoinShares data.

Positive effect to the Fed’s complaint cut

The caller inflows successful crypto funds came amid the US Federal Reserve slashing the cardinal US involvement complaint by 0.25 points past Wednesday, marking its archetypal chopped of the year.

According to CoinShares’ Butterfill, the inflows marked a affirmative effect to the involvement chopped contempt archetypal caution from investors.

Related: Bitcoin and alts acceptable for Fed ‘jolt,’ marketplace isn’t ready: Economist

“After months of speculation, the US Federal Reserve chopped involvement rates past week. Although investors initially reacted cautiously to the alleged ‘hawkish cut’, inflows resumed aboriginal successful the week,” Butterfill said.

Daily flows successful spot Bitcoin ETFs versus spot Ether ETFs past week. Source: SoSoValue

Following the Fed’s complaint cut, spot crypto prices saw flimsy volatility, with Bitcoin terms edging up to multi-week highs supra $117,000 past Thursday, according to CoinGecko data.

Ether besides concisely surged supra $4,600 past Thursday aft starting the week astatine astir $4,500.

Despite beardown inflows and rising prices, the capitalist sentiment remained cautious past week, according to the Crypto Fear & Greed Index, which measures the wide sentiment of the cryptocurrency market.

The Crypto Fear & Greed Index. Source: Alternative.me

According to information from Alternative.me, the Crypto Fear & Greed Index was neutral past week with a people of 53. The scale dropped to “Fear” connected Monday, with a people of 45.

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