Crypto-related investment products recorded their first inflow in over a month, totaling $130 million during the past week, according to CoinShares’ latest weekly report.The inflows mark a notable shift in investor sentiment after weeks of negative flows across the crypto market. However, the inflow did not improve investors’ participation in the asset class as “ETP volumes continue to subside.”James Butterfill, the head of CoinShares research, pointed out that the trading volume for last week stood at $8 billion, which is significantly lower compared to the $17 billion average seen in April. He added:“These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month.”The CoinShares report showed that spot Bitcoin ETFs in the US and Hong Kong still drive inflows into crypto products.According to the report, the Newborn Nine Bitcoin ETFs in the US propelled inflows in the US to the forefront, with a positive flow totaling $135 million.Notably, outflows from Grayscale’s GBTC have been on a downward trend in recent days, totaling $171 million during the previous week — the lowest weekly outflows since January.On the other hand, the newly launched Bitcoin ETFs in Hong Kong saw a more modest inflow of $19 million, suggesting that most of the inflows during the first week after the Bitcoin ETF launch were seed capital.Meanwhile, crypto-related ETPs in Canada and Germany continued to see outflows totaling $20 million and $15 million, respectively — bringing year-to-date outflows from these countries to a combined $660 million.CoinShares said the uncertainty surrounding spot Ethereum ETF products has dampened investors’ confidence in the second-largest digital asset by market capitalization.According to the firm:“Low interaction by the US regulators with ETF issuer applications for a spot Ethereum ETF have increased speculation that the ETF approval is not imminent, this has been reflected in outflows which totalled $14 million last week.”Similarly, short-Bitcoin recorded $5.1 million in outflows, bringing its 8-week consecutive outflow to $18 million.Conversely, other altcoins, such as Polkadot, XRP, and Solana, saw a combined inflow of approximately $8 million.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Get the latest crypto news and expert insights. Delivered to you daily.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
