Crypto ETPs Post $1B Inflows as Bitcoin Leads Gains

Crypto investment products recorded their first weekly inflows since January, snapping a five-week outflow streak totaling roughly $4 billion.

Crypto exchange-traded products (ETPs) attracted $1 billion last week, led by $882 million into Bitcoin (BTC) funds, according to a Monday report from CoinShares.

“From a macro standpoint, it is difficult to attribute the shift in sentiment to a single catalyst,” said James Butterfill, CoinShares’ head of research.

He said the reversal likely reflected prior price weakness, a break below key technical levels and renewed accumulation by large Bitcoin holders.

“At a more anecdotal level, recent client discussions have been almost entirely focused on identifying entry points rather than reducing exposure to the asset class,” he added.

Ether and Solana add $171 million in weekly crypto inflows

Ether (ETH) funds drew about $117 million, CoinShares said, marking their strongest week since January, while Solana (SOL) drew in about $54 million.

Chainlink (LINK) and XRP (XRP) followed with $3.4 million and $2 million in inflows, respectively.

Despite the renewed demand, Bitcoin and Ether ETPs remain in negative territory for the year, with net outflows of $408 million and $430 million, respectively.

Related: Bitcoin manipulation claims face pushback as ETFs snap 5-week outflow run: Finance Redefined

In contrast, Solana and XRP products have posted year-to-date inflows of $156 million and $153 million.

US spot Bitcoin ETFs lead with $787 million in inflows

Regionally, ETP flows were broadly aligned, with the United States accounting for the bulk of inflows at $957 million. Canada, Germany and Switzerland recorded inflows of $34 million, $32.7 million and $28 million, respectively.

Most of the gains came from US spot Bitcoin ETFs, which drew $787.3 million, ending a five-week outflow streak of more than $3.8 billion, according to SoSoValue.

Despite the renewed inflows, total assets under management in crypto ETPs declined to $127.7 billion from $130.4 billion the previous week.

Net assets in Bitcoin ETFs also fell, slipping to $83.4 billion from $85.3 billion a week earlier.

Magazine: Clarity Act risks repeat of Europe’s mistakes, crypto lawyer warns

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy