Bitcoin
Bitcoin ETFs See Third-Largest Daily Inflows Amid Expected Rate Cuts
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Crypto investment products have seen a massive inflow of $2 billion so far in June, fueled by anticipation surrounding US rate cuts. According to asset management firm CoinShares, these products I saw a cumulative Inflow of US$4.3 billion in the last five weeks.
Bitcoin continued to be the main focus of investors, with inflows of US$1.97 billion for the week. On the other hand, Bitcoin short products saw outflows for the third consecutive week, totaling $5.3 million.
Ethereum also saw a notable increase in interest, with its best week of inflows since March totaling $69 million. This is likely a response to the SEC’s unexpected decision to allow spot ETFs. Meanwhile, the rest of the altcoins experienced less activity, although Fantom and XRP stood out with inflows of $1.4 million and $1.2 million, respectively.
At a regional level, the USA recorded the majority of observed inflows, totaling 1.98 billion dollars in the last week alone, with the first day of the week recording the third highest daily inflow ever recorded. The iShares Bitcoin ETF has already surpassed the Grayscale Bitcoin Trust, boasting $21 billion in assets under management.
Hong Kong came in second place, surpassing US$26 million last week and also representing the second highest year-to-date inflow volume of US$326 million.
Trading volumes for crypto exchange-traded products (ETPs) increased to $12.8 billion for the week, marking a 55% increase from the previous week. In a notable change, entries were recorded in almost all suppliers, while the usual exits of established companies slowed down.
CoinShares analysts attribute this shift in market sentiment to weaker-than-expected US macroeconomic data, which has led to anticipations of monetary policy rate cuts. The positive market movement pushed total assets under management above the $100 billion threshold for the first time since March this year.
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