coindesk.com
Crypto investment products experienced almost $600 million of net inflows last week.
The $5.7 billion invested this year is indicative of the growing interest in regulated cryptocurrency funds.
Crypto investment products registered almost $600 million in inflows last week with bitcoin-based offerings accounting for more than 85% of the amount, investment firm CoinShares said in a weekly report.
Bitcoin (BTC) products had inflows of $570 million last week alone, bringing year-to-date flows to $5.6 billion. However, recent price rises have led to some interest in bets against price rises, with inverse investment products attracting $3.9 million.
Ethereum (ETH), Chainlink (LINK), and (XRP) also experienced inflows, adding $17 million, $1.8 million and $1.1 million respectively. Solana, on the other hand, had net outflows of $3 million as recent network outages may have "likely impacted investor sentiment," James Butterfill, head of research, wrote.
Overall, these products saw the fourth consecutive week of net inflows, bringing the year-to-date total to $5.7 billion – indicative of the growing interest in cryptocurrency investments from regulated funds.
The U.S. has emerged as the primary driver, with a net $610 million flowing into crypto investment products. However, these figures were impacted by incumbent issuer Grayscale, which saw further outflows totaling $436 million last week.
Blockchain equities are seeing a different trend. Such products saw outflows of $81 million, suggesting that equity investors are more cautious in the current market.