A string of exchange-traded fund (ETF) functions filed within the U.S. earlier this month spurred a constructive sentiment out there, pushing Bitcoin (BTC) worth above $30,000. This robust sentiment additionally resulted in massive quantities of funds flowing into crypto exchange-traded merchandise (ETPs) final week.
Crypto ETPs noticed inflows value $199 million within the week of June 19, as per CoinShares knowledge. These inflows got here after 9 consecutive weeks of outflows totaling over $400 million.
Most significantly, it’s the largest single-week influx into ETPs since July 2022, CoinShares famous. Moreover, at $37 billion, the overall property underneath administration of ETPs additionally reached their highest since early June 2022.
Bitcoin ETPs attracted $188 million, or 94% of the overall inflows final week. Brief-Bitcoin, however, skilled outflows value $4.9 million — the ninth consecutive week of outflows.
Ethereum (ETH) ETPs noticed minor inflows in comparison with Bitcoin at $7.8 million. The comparatively trivial inflows point out that the market has much less urge for food for ETH than BTC at current, CoinShares famous.
The market enhance generated by the U.S. ETF functions didn’t have any important impression on altcoin ETPs. XRP (XRP) and Solana (SOL) ETPs noticed negligible inflows of $240,000 and $170,000, respectively. Nonetheless, multi-asset ETPs noticed inflows value $8 million final week.
The submit Crypto ETPs noticed $199M influx final week, the most important since July 2022 appeared first on CryptoSlate.