Last week’s cryptocurrency investment products took another week of inflows, even as volatility persisted in major digital assets including Bitcoin and Ether.
Global encryption Exchange Products (ETP) Coinshares recorded $1.03 billion inflows for the trading week ending Friday to Friday Report on Monday.
James Butterfill, head of research at Coinshares, said that with the new inflows, cryptocurrency ETP continues to undermine year-to-date inflow records, setting a new all-time high, less than $19 billion away from $19 billion.
Crypto ETP’s assets under management (AUM) reached US$188 million, from $184.4 billion last weekmarking another new high.
Bitcoin flows in at $790 million
Bitcoin (BTC) ETP led last week, releasing $790 million inflows, accounting for 76% of the total crypto ETP inflows last week.
Butterfill noted that BTC ETP inflows are slower, while Butterfill is inflowing on average $1.5 billion per week.
“The modest inflows suggests that investors are becoming increasingly cautious as Bitcoin approaches its all-time highest price level,” he wrote.
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Ether (Ethereth) ETP then saw a $225 million inflow, marking an 11-week continuous inflow.
“On a proportional basis, weekly inflows during this run accounted for an average of 1.6% of AUM, significantly higher than 0.8% of Bitcoin,” Butterfill observed.
Most crypto inflows last week were processed through BlackRock’s crypto fund, which had inflows of $436 million, accounting for 42% of issuers’ inflows last week.
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