Digital asset manager CoinShares says institutional crypto investors poured hundreds of millions in capital from digital asset products last week.
In his latest Digital Asset Fund Flows reportAccording to CoinShares, institutional crypto investment products saw an increase in inflows of $436 million, after weeks of outflows totaling just over $1 billion.
“We believe the surge in inflows toward the end of the week was driven by a significant shift in market expectations for a possible 50 basis point rate cut on September 18, following comments from former NY FED President Bill Dudley. ETF trading volumes were flat this week at $8 billion, much lower than the average $14.2 billion so far this year.”
The US led the inflows regionally with $416 million, while North American neighbor Canada saw outflows of $18 million. In addition, Switzerland and Germany accounted for $27 million and $10.6 million in inflows.
The leading cryptocurrency by market capitalization, Bitcoin (BTC), was as usual the main source of attention for investors. The king crypto enjoyed an inflow of $436 million.
“The flows of short bitcoins reversed, with an outflow of $8.5 million after three consecutive weeks of inflows.”
Leading smart contract platform Ethereum (ETH) lost $19 million in outflows, bringing its month-to-date outflows to $117 million.
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Generated image: Midjourney