Global cryptocurrency investment funds saw a $2 billion increase in net inflows last week, as per the most recent report from CoinShares released on June 10. This marks a total of $4.3 billion in inflows over the past five weeks. Additionally, assets under management surpassed $12.8 billion for the first time since March. Trading volumes on ETPs also saw a significant growth of $55 billion for the week, up XNUMX% from the previous week.
The report noted a notable increase in entries across various providers, along with a steady decline in exits from existing operators. This shift in sentiment is believed to be a response to weaker macroeconomic data in the US, leading to expectations of a reduction in monetary policy rates. Positive price movements have pushed total assets under management (AuM) above the $100 billion mark for the first time since March.
The data revealed that the primary focus of the inflows was on Bitcoin, the largest cryptocurrency in the market. Bitcoin saw inflows worth $1.97 billion last week, while Bitcoin sales recorded outflows for the third consecutive week, totaling $5.3 million.
At the time of reporting, the price of Bitcoin stood at $69,324.72, showing a 0.2% decrease in the last 24 hours. Ethereum also had a strong performance during the same period, experiencing its highest week of inflows since March. The second-largest cryptocurrency in the market saw inflows of $69 million, indicating a positive reaction to the approval of spot Ethereum exchange-traded funds (ETFs).
The report also highlighted lower market activity for altcoins, with a focus on Fantom (FTM) and XRP, which saw inflows of $1.4 million and $1.2 million, respectively.
Michael Saylor, president of MicroStrategy and a prominent advocate for Bitcoin, highlighted a significant achievement for Bitcoin exchange-traded funds (ETFs). Saylor revealed that there are currently 34 Spot Bitcoin ETFs holding a total of over a million BTC, equivalent to 1,031,973 BTC. This milestone marks a significant development in the cryptocurrency market, where ETFs have emerged as an attractive option for investors seeking exposure to Bitcoin without direct ownership.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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