Crypto AUM reaches two-year peak of $59 billion driven by US Bitcoin ETF inflows

Please fol­low and like us:
Pin Share

Large inflows into the new­ly launched spot Bit­coin Exchange-Trad­ed Funds (ETFs) in the Unit­ed States have pro­pelled the assets under man­age­ment (AUM) for cryp­to-relat­ed invest­ment prod­ucts to a two-year high of $59 bil­lion, accord­ing to Coin­Shares’ lat­est week­ly report.

US dominate flows

Dur­ing the past week, dig­i­tal asset invest­ment prod­ucts wit­nessed sig­nif­i­cant inflows total­ing $1.1 bil­lion, pri­mar­i­ly from the US.

This flow boost­ed the year-to-date inflows to $2.7 bil­lion, with glob­al AUM reach­ing $59 bil­lion. Although out­flows from Grayscale Bit­coin Trust (GBTC) have dimin­ished, Coin­Shares warned about a sig­nif­i­cant sell­ing pres­sure that could emerge from bank­rupt Genesis’s move to divest its GBTC shares.

Cryp­toSlate report­ed that Gen­e­sis recent­ly sought court approval to divest $1.6 bil­lion of its shares held in sev­er­al of Grayscale’s prod­ucts, includ­ing GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Clas­sic Trust (ETCG).

“The out­flows from incum­bents have slowed sig­nif­i­cant­ly, but the poten­tial sale of the Gen­e­sis hold­ings of US$1.6 bil­lion could prompt fur­ther out­flows in the com­ing months,” Coin­Shares Head of Research James But­ter­fill said.

Switzer­land also expe­ri­enced sub­stan­tial inflows out­side the US, amount­ing to near­ly $40 mil­lion. Con­verse­ly, Cana­da, Ger­many, and Swe­den observed minor out­flows of $17 mil­lion, $10 mil­lion, and $6 mil­lion, respectively.

Bitcoin accounts for 98% of the inflow.

Across dig­i­tal assets, Bit­coin remains dom­i­nant, account­ing for 98% of last week’s inflows, with inflows exceed­ing $1 billion.

Ethereum and Car­dano also expe­ri­enced pos­i­tive sen­ti­ments, with inflows of $16 mil­lion and $6 mil­lion, respec­tive­ly. Oth­er dig­i­tal assets, such as Avalanche, Poly­gon, and Tron, record­ed inflows of $500,000, $400,000, and $400,000, respectively.

Mean­while, high-fly­ing Solana record­ed a mod­est inflow of $100,000 dur­ing the same period.

The improv­ing mar­ket con­di­tion also result­ed in out­flows of $400,000 from Short BTC prod­ucts. Last week, BTC’s price climbed to its high­est val­ue since the US Secu­ri­ties and Exchange Com­mis­sion (SEC) approved sev­er­al exchange-trad­ed funds (ETFs) for pub­lic trad­ing. Uniswap invest­ment prod­ucts also saw out­flows of $500,000.

Notably, the bulk of out­flows from blockchain equi­ties were expe­ri­enced by one issuer, total­ing $67 mil­lion. Oth­er issuers col­lec­tive­ly saw inflows amount­ing to $19 million.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.