Digital asset investment products saw significant inflows totaling $533 million last week, marking the largest increase in over a month. This uptick followed Jerome Powell’s hint at the Jackson Hole Symposium that a potential interest rate cut could happen in September. Despite lower trading volumes compared to recent weeks, the total for the past seven days reached $9 billion.
CoinShares’ latest Digital Asset Fund Flows Weekly Report indicated that Bitcoin led the market, attracting $543 million in inflows. A substantial portion of this inflow occurred on Friday after Powell’s dovish remarks, highlighting Bitcoin’s sensitivity to interest rate expectations. Short-Bitcoin ETFs also saw $1.7 million in weekly inflows.
Several altcoins experienced inflows during the same period. Litecoin attracted $0.5 million, while XRP and Cardano each drew in $0.3 million. Solana saw inflows of $0.1 million. Conversely, Ethereum faced $36 million in outflows last week, although new issuers still saw inflows. The Grayscale Ethereum Trust, however, reported $118 million in withdrawals.
One month after the launch of spot Ethereum ETFs, these new products have garnered $3.1 billion in inflows, counterbalanced by $2.5 billion in outflows from the Grayscale Trust.
Most of the inflows were concentrated in the United States, which saw $498 million. Hong Kong and Switzerland followed with $16 million and $14 million, respectively. Brazil, Canada, and Australia reported inflows of $8 million, $5 million, and $2.5 million, respectively. Germany experienced minor outflows of $9 million, making it one of the few countries with year-to-date net withdrawals. Sweden had an outflow of $1.2 million for the week.
Additionally, inflows into blockchain equities continued for the third consecutive week, reaching $4.8 million.
Twitter text: “Digital asset investment products attracted $533M in inflows last week, with Bitcoin leading at $543M. Altcoins like Litecoin, XRP, and Cardano saw gains, while Ethereum faced outflows. US dominated with $498M in inflows. #Crypto #Bitcoin #Ethereum”
