Investor confidence in crypto-related investment products surged last week, buoyed by the US macroeconomic situation.In its latest weekly report, CoinShares observed that these financial instruments saw net inflows of $2 billion last week, matching the total inflows recorded for May.Additionally, this marks the fifth consecutive week of positive inflows, with the assets drawing around $4.3 billion worth of investments during the period. Notably, this is the second-longest streak of inflows since the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETF) in January.James Butterfill, CoinShares’ head of research, noted that inflows were widespread across providers like BlackRock, Fidelity, Proshares, Bitwise, and Purpose, with a notable reduction in outflows from Grayscale.Butterfill explained that the inflows could be attributed to the “weaker-than-expected US macro data,” which has raised expectations for monetary policy rate cuts. He added:“[The] positive price action saw total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.”Meanwhile, trading activity for these investment products surged after weeks of subdued activities. Last week, trading volume was boosted by 55% to $12.8 billion, significantly exceeding the $8 billion recorded in the prior week.Bitcoin (BTC) remains a crucial interest for investors, registering $1.9 billion in inflows. Meanwhile, short BTC products experienced outflows for the third consecutive week, totaling $5.3 million.Ethereum (ETH) saw a significant resurgence, with $69 million in inflows, marking its best week since March. This pushed ETH’s year-to-date flows to $81 million, recovering from earlier losses before the SEC approved several spot Ethereum ETF 19b-4 filings.Other significant altcoins had minor activities, with inflows under $1 million. However, Fantom and XRP stood out, recording inflows of $1.4 million and $1.2 million, respectively.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. 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.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.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.
