Bitcoin ETFs see third-largest daily inflow amidst rate cut anticipation

Ledger
Bitcoin ETFs see third-largest daily inflow amidst rate cut anticipation
fiverr


Share this article

Crypto investment products saw a massive inflow of $2 billion so far in June, fuelled by the expectation around rate cuts in the US. According to asset management firm CoinShares, these products saw a cumulative $4.3 billion inflow for the past five weeks.

Bitcoin continued to be the primary focus of investors, with inflows of $1.97 billion for the week. Conversely, short Bitcoin products experienced outflows for the third consecutive week, totaling $5.3 million.

itrust

Ethereum also saw a notable uptick in interest, with its best week of inflows since March, totaling $69 million. This is likely a response to the unexpected SEC decision to permit spot-based ETFs. Meanwhile, the rest of the altcoins experienced less activity, though Fantom and XRP stood out with inflows of $1.4 million and $1.2 million, respectively.

Caption

Regionally, the US registered the majority of inflows observed, amounting to $1.98 billion in the last week alone, with the first day of the week witnessing the third-largest daily inflow on record. The iShares Bitcoin ETF has now overtaken the Grayscale Bitcoin Trust, boasting $21 billion in assets under management.

Hong Kong came second, surpassing $26 million last week and also amounting to the second-largest year-to-date inflow volume of $326 million.

Trading volumes for crypto exchange-traded products (ETPs) surged to $12.8 billion for the week, marking a 55% increase from the previous week. In a notable shift, inflows were recorded across nearly all providers, while the usual outflows from established firms slowed down.

CoinShares’ analysts attribute this change 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 the total assets under management above the $100 billion threshold for the first time since March of this year.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source link

Ledger

Be the first to comment

Leave a Reply

Your email address will not be published.


*