CDS Crypto News Global Crypto Funds See $321 Million Net Inflows After Two Weeks of Outflows
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Global Crypto Funds See $321 Million Net Inflows After Two Weeks of Outflows

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Global Crypto Funds See $321 Million Net Inflows After Two Weeks Of Outflows

Global Crypto Funds Experience Surge in Inflows Driven by Dovish FOMC Stance

Global Crypto Funds Experience Surge In Inflows Driven By Dovish Fomc Stance

Following two weeks of net outflows, global crypto funds at asset managers including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares added net inflows of $321 million last week, according to CoinShares.

This surge was likely driven by the Federal Open Market Committee (FOMC) comments last Wednesday, which took a more dovish stance than anticipated, including a 50 basis point interest rate cut,

CoinShares Head of Research James Butterfill

The funds saw a 9% increase in total assets under management as a result, while Butterfill said that trading volume increased to $9.5 billion from the previous week, higher by 9%.

Solana-Based Funds See $3.2 Million Weekly Inflows, Ethereum Products Struggle with Major Outflows

As usual, Bitcoin-based investment products led the flows, bringing in $284 million in net inflows last week worldwide. However, according to Butterfill, the recent upswing in the price of the most popular cryptocurrency also brought in net inflows of $5.1 million into short-bitcoin funds. Adding $3.2 million in net inflows last week amid a slew of announcements at the Solana Breakpoint conference in Singapore, Solana-based funds likewise maintained their winning trend.

Investment products based on Ether, on the other hand, continue to be an anomaly. Last week, they had net withdrawals of an additional $29 million, continuing their negative trend that has now totaled $187.7 million. The main reason for this is consistent withdrawals from ETHE, Grayscale’s converted higher-fee incumbent fund, which have resulted in $2.8 billion in net outflows since trading started in July, as opposed to $2.2 billion in net inflows from the recently introduced Ethereum ETFs in the U.S., according to Butterfill.

For more up-to-date crypto news, you can follow Crypto Data Space.

Global Crypto Funds See $321 Million Net Inflows After Two Weeks Of Outflows
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