Crypto Inflows Surge to $3.3B, YTD Tops $10B 💰
Last week, crypto investment products attracted $3.3 billion in inflows as investors sought offerings from companies like BlackRock, Fidelity, and Grayscale, according to CoinShares. This marked a six-week streak of positive inflows, raising total assets under management to a record $187.5 billion and yearly inflows to $10.5 billion, surpassing the previous peak of $7.5 billion. The total cryptocurrency market cap increased by over 6% to $3.5 trillion, with Bitcoin hitting a new all-time high of $111,800. Bitcoin led the inflow surge with $2.9 billion, while Ethereum attracted $326 million, its highest in 15 weeks. However, XRP experienced significant outflows of $37.2 million, ending an 80-week streak of inflows. The U.S. dominated the inflow scene with $3.2 billion, followed by Germany, Australia, and Hong Kong. In contrast, Swiss investors recorded $16.6 million in outflows.
FAQ
❓ What drove the $3.3 billion inflow into crypto products?
Investors showed strong interest in products from asset managers such as BlackRock, Fidelity, and Grayscale, contributing to the notable inflows.
❓ Why did XRP see record outflows?
XRP faced its largest outflow of $37.2 million, ending an 80-week inflow streak due to changing market sentiments.
❓ Which regions dominated crypto inflows?
The United States led with $3.2 billion in inflows, with notable contributions from Germany, Australia, and Hong Kong.