ETFs
Bitcoin ETFs See Third Largest Daily Inflow Amid Anticipation of Rate Cut
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Crypto investment products have seen a massive inflow of $2 billion so far in June, fueled by expectations of rate cuts in the United States. According to asset management company CoinShares, these products saw an accumulation An influx of $4.3 billion over the past five weeks.
Bitcoin remained the top target for investors, with inflows of $1.97 billion for the week. Conversely, short Bitcoin products saw outflows for the third consecutive week, totaling $5.3 million.
Ethereum also saw a notable uptick in interest, with its best week of inflows since March totaling $69 million. This is likely a response to the SEC’s unexpected decision to allow cash ETFs. Meanwhile, the rest of the altcoins saw less activity, although Fantom and XRP stood out with inflows of $1.4 million and $1.2 million, respectively.
Regionally, the United States recorded the majority of observed inflows, amounting to $1.98 billion in the last week alone, with the first day of the week witnessing the third largest daily inflow ever checked in. The iShares Bitcoin ETF has now surpassed the Grayscale Bitcoin Trust, with $21 billion in assets under management.
Hong Kong came in second, topping $26 million last week and also accounting for the second-highest year-to-date admissions volume at $326 million.
Trading volumes for crypto exchange-traded products (ETPs) jumped to $12.8 billion for the week, an increase of 55% from the previous week. This is a notable change: inflows were recorded at almost all providers, while the usual outflows of established companies slowed down.
CoinShares analysts attribute this shift in market sentiment to weaker-than-expected U.S. macroeconomic data, which has led to expectations of lower monetary policy rates. The positive market movement pushed total assets under management above the $100 billion threshold for the first time since March this year.
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