Crypto funds log second week of inflows after massive $5.5B sell-off
Analysis
Price Impact
HighTwo consecutive weeks of significant crypto fund inflows, totaling over $1.7 billion, after a massive $5.5 billion sell-off indicates a strong resurgence of investor confidence and demand, particularly for bitcoin and chainlink. this consistent buying pressure from institutional products is a major bullish signal for the market.
Trustworthiness
HighThe data is sourced from coinshares, a reputable european crypto asset manager, and reported by cointelegraph, a well-established crypto news outlet. the detailed breakdown of inflows by asset and issuer lends credibility to the analysis.
Price Direction
BullishThe sustained inflows suggest increasing buying pressure and a potential shift in market sentiment from bearish to bullish. bitcoin leading the inflows, coupled with record gains for chainlink and minor inflows for ethereum, indicates a broad positive outlook. the outflows from short bitcoin etps further support a lessening of negative sentiment.
Time Effect
ShortThe immediate effect of renewed institutional interest and capital entering the market is likely to manifest in the short term, potentially driving prices higher in the coming days to weeks as this momentum builds.
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Article Content:
Helen Partz 5 minutes ago Crypto funds log second week of inflows after massive $5.5B sell-off Bitcoin led the $716 million of inflows to crypto ETPs last week, while Chainlink saw record gains, accounting for more than 50% of its AUM. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Cryptocurrency investment products maintained upward momentum last week, logging two consecutive weeks of gains following substantial outflows. Crypto exchange-traded products (ETPs) attracted $716 million in inflows last week, adding to the previous week’s gains of $1 billion , European crypto asset manager CoinShares reported Monday. “Daily data highlighted minor outflows on Thursday and Friday in what we believe was a response to macroeconomic data in the US alluding to ongoing inflationary pressures,” CoinShares’ head of research, James Butterfill, said in the update. The new inflows pushed total assets under management (AUM) above $180 billion, marking an 8% rebound from November lows following $5.5 billion of four-week outflows . However, AUM remains well below its all-time high of $264 billion, Butterfill noted. Bitcoin leads inflows, Chainlink posts record inflow Bitcoin ( BTC ) led crypto ETP gains last week, attracting $352 million in inflows, followed by XRP ( XRP ) funds with $244 million. Chainlink ( LINK ) stood out with a record inflow of $52.8 million, which represented 54% of its AUM. Weekly crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares On the other hand, Ether ( ETH ) funds saw minor inflows of $39 million, while short Bitcoin ETPs posted around $19 million in outflows, potentially indicating a lessening of negative sentiment. ProShares tops inflows, while BlackRock’s iShares bleeds Among issuers, ProShares led inflows with $210 million, while BlackRock — the largest issuer by AUM — experienced $105 million in outflows. Cathie Wood’s ARK and Grayscale Investments also saw outflows, recording $78 million and $7 million, respectively, last week. Weekly crypto ETP flows by issuer as of Friday (in millions of US dollars). Source: CoinShares Geographically, almost all regions globally saw inflows, with the most notable being the US, Germany and Canada, with inflows of $483 million, $97 million and $80.7 million, respectively. Related: Sweden eyes entering the Bitcoin ‘digital arms race’ On the other hand, Sweden saw $5.6 million in outflows last week, pushing its year-to-date outflows to $836 million, topping global outflows. Magazine: Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express # Bitcoin # Altcoins # Ethereum # Stocks # Inflation # CoinShares # Ethereum ETF # Bitcoin ETF # ETF Add reaction