tl;dr
Last week, $436 million flowed into Bitcoin exchange-traded funds (ETFs) and other crypto investment vehicles, following a period of outflows. Most of the funds went to new American Bitcoin ETFs from top asset managers such as BlackRock, Fidelity, and Grayscale. The surge in inflows was driven by ma...
Last week, a total of $436 million flowed into Bitcoin exchange-traded funds (ETFs) and other crypto investment vehicles. This surge in inflows was primarily driven by market expectations of a potential 50 basis point interest rate cut by the Federal Reserve, just in time for their key meeting.
Most of the funds inflowed into new American Bitcoin ETFs from top asset managers such as BlackRock, Fidelity, and Grayscale, following a period of outflows. Despite the challenges faced by products giving exposure to Ethereum, which saw investors cashing out $19 million, funds for Solana experienced four consecutive weeks of positive flows.
Data from Jersey-based digital asset manager CoinShares revealed that the surge in inflows towards the end of the week was influenced by a significant shift in market expectations for a potential interest rate cut. This coincides with the upcoming Federal Open Market Committee meeting, where the strategy for US interest rates, currently at a 23-year high, will be revealed.
Products giving exposure to Ethereum, the second-biggest digital asset by market cap, continued to face challenges, with investors cashing out $19 million last week. In contrast, funds giving exposure to Solana experienced four consecutive weeks of positive flows, as investors put $3.8 million into these funds.
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