Despite the ongoing volatility of major digital assets, including Bitcoin (BTC) and Ethereum, cryptocurrency investment products recorded inflows again last week.
Global cryptocurrency exchange-traded products (ETPs) saw inflows of $1.03 billion for the week ending Friday (July 4), CoinShares reported on Monday (July 7).
With the new inflows, cryptocurrency ETPs continue to break year-to-date (YTD) inflow records, reaching nearly $19 billion in new all-time highs, according to CoinShares' research director James Butterfill.
The assets under management (AUM) of cryptocurrency ETPs reached $188 billion, up from $184.4 billion the previous week, marking another new high.
Bitcoin (BTC) ETP led last week with inflows of $790 million, accounting for 76% of total inflows into cryptocurrency ETPs.
Butterfill noted that inflows into BTC ETP have slowed compared to the previous three weeks, which averaged $1.5 billion per week.
"The slowdown in inflows suggests that investors are becoming more cautious as Bitcoin approaches its all-time high," he wrote.
Ethereum ETP followed closely, recording inflows of $225 million, marking the 11th consecutive week of inflows.
"On a proportional basis, the average weekly inflow during this period accounted for 1.6% of AUM, significantly higher than Bitcoin's 0.8%," Butterfill observed, indicating a clear shift in investor sentiment towards Ethereum.
Most of last week's cryptocurrency inflows were processed through BlackRock's crypto fund, which recorded inflows of $436 million, accounting for 42% of total inflows from issuers last week.
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Original article: “Crypto funds post $1 billion in inflows, net assets hit new high”
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