Global crypto investment products see $321 million in net weekly inflows as rebound continues: CoinShares
2024-09-23

Global crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares continued their rebound into a second week, adding net inflows worth $321 million last week, according to CoinShares — following two prior consecutive weeks of net outflows.
“This surge was likely driven by the Federal Open Market Committee (FOMC) comments last Wednesday, which took a more dovish stance than anticipated, including a 50 basis point interest rate cut,” CoinShares Head of Research James Butterfill wrote in a Monday report.
Total assets under management at the funds grew 9% as a result, with trading volume also up 9% on the week before at $9.5 billion, Butterfill added.
Weekly crypto asset flows. Images: CoinShares.
Bitcoin products dominate, ether funds remain an outlier
Bitcoin-based investment products dominated the flows as usual, generating $284 million in net inflows globally last week. However, the recent positive price action for the foremost cryptocurrency also attracted net inflows of $5.1 million into short-bitcoin funds, Butterfill noted.
Solana-based funds also continued a positive streak, adding $3.2 million worth of net inflows last week amid a series of announcements at the Solana Breakpoint conference in Singapore.
Meanwhile, ether-based investment products remain an outlier, registering a further $29 million in net outflows last week, extending their negative run to a fifth-consecutive week, now totaling $187.7 million.
This is primarily driven by persistent outflows from Grayscale’s converted higher-fee incumbent fund, ETHE, generating $2.8 billion in total net outflows since trading began in July compared to $2.2 billion worth of net inflows from the newly launched U.S. spot Ethereum ETFs, Butterfill added.
Regionally, U.S.-based funds also continued their dominance, witnessing $277 million in net inflows overall. Switzerland's registered investment products saw their second-largest weekly net inflows of the year, adding $63 million. However, funds in Germany, Sweden and Canada experienced net weekly outflows of $9.5 million, $7.8 million and $2.3 million, respectively.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.