The crypto investment product posted its first weekly inflow since January last week, snapping a five-week run of outflows of nearly $4 billion.
Crypto exchange-traded products (ETPs) attracted $1 billion in inflows last week, $882 million of which came in Bitcoin (BTC) funds, according to a Monday report from CoinShares.
“From a macro perspective, it’s hard to attribute the shift in sentiment to a single catalyst,” said James Butterfill, head of research at CoinShares.
He said the pullback likely reflected earlier price weakness, a break below key technical levels and a rally by large Bitcoin holders.
“On an anecdotal level, recent client discussions have focused almost entirely on identifying entry points rather than mitigating exposure to the asset class,” he said.
Ether and Solana add $171 million to weekly crypto inflows
CoinShares said Ether (ETH) funds attracted about $117 million, marking its strongest week since January, while Solana (SOL) raised about $54 million.
Chainlink (LINK) and XRP (XRP) followed with $3.4 million and $2 million respectively.
Despite the new demand, Bitcoin and Ether ETPs remain in negative territory for the year, with net income of $408 million and $430 million, respectively.
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In contrast, Solana and XRP products generated annual revenues of $156 million and $153 million, respectively.
U.S. Spot Bitcoin ETFs lead the way with $787 million in revenue
Regionally, ETP flows were broadly aligned, with the United States accounting for the largest share of imports at $957 million. Canada, Germany, and Switzerland recorded imports of $34 million, $32.7 million, and $28 million, respectively.
Most of the gains came from U.S.-based Bitcoin ETFs, which collected $787.3 million last week, snapping a five-week run of outflows of more than $3.8 billion, according to SoSoValue.
Despite the re-inflow, total assets under management in crypto ETPs fell to $127.7 billion from $130.4 billion last week.
Net assets in Bitcoin ETFs also fell, falling to $83.4 billion from $85.3 billion a week ago.
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