Crypto ETFs continue positive momentum with $321 million net inflows

Crypto ETFs saw a positive week with $321 million in net inflows, according to CoinShares’ weekly report. Bitcoin ETFs led the way with $284 million in inflows, while Ethereum products experienced their fifth consecutive week of outflows, losing $29 million. The surge in inflows was driven by a 50 basis point interest rate cut by the Federal Open Market Committee. This decision resulted in a 9% increase in total assets under management and a 9% growth in total investment products volumes. The US saw the highest inflows at $277 million, followed by Switzerland with $63 million. On the other hand, Germany, Sweden, and Canada experienced outflows. Bitcoin ETFs dominated inflows, fueled by the price rise of Bitcoin, which was just above $63,000 at the time of writing. The data suggests that Bitcoin could breach August’s resistance levels and reach new highs. However, a decrease in spot buying could lead to consolidation or a partial correction. Ethereum ETFs continued to experience outflows, mainly from Grayscale’s Ethereum Trust. Overall, the positive momentum of crypto ETFs indicates a growing interest in this investment vehicle.