Global Crypto Investment Products See Strong Inflows in Early July


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Global crypto investment products managed by prominent asset managers like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares saw net inflows of $441 million in the first week of July. This turnaround follows three weeks of net outflows, according to the latest report from CoinShares.

James Butterfill, head of research at CoinShares, noted that recent price dips, influenced by movements from Mt. Gox’s bitcoin and selling pressures from the German government, are being perceived as buying opportunities by investors.

Performance of Altcoin-Based Funds 

Bitcoin investment products were the primary beneficiaries, accounting for approximately 90% of the total net inflows, equivalent to $384 million. This figure is slightly lower than the usual 99% dominance, indicating that investors have diversified their allocations across various altcoin-based funds over the past week.

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One standout in the altcoin category was Solana. Solana-based products attracted $16 million in net inflows globally last week, bringing the year-to-date total to $57 million. The recent filings by VanEck and 21Shares with the U.S. Securities and Exchange Commission (SEC) for a spot Solana ETF may have spurred increased interest and allocations.

However, the SEC has previously classified SOL as a security in charges against crypto exchanges Binance and Coinbase last year. James Seyffart, an ETF analyst at Bloomberg Intelligence, suggested that a Solana ETF might only launch in 2025.

Ethereum also saw a positive shift in sentiment, with $10 million in net inflows. Despite this, it remains the only exchange-traded product (ETP) to have experienced net outflows year-to-date.

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Bitcoin ETFs Lead the Inflows

U.S. spot Bitcoin exchange-traded funds (ETFs) were at the forefront last week, contributing $238.4 million to the net inflows. This expanded to $384 million for all U.S.-based Bitcoin investment products, according to CoinShares’ data. Bitcoin funds based in Hong Kong, Switzerland, and Canada also had a robust week, attracting $32 million, $24 million, and $12 million in net inflows, respectively.

Conversely, German-based funds experienced net outflows of $23 million. This trend may be attributed to the ongoing asset sales by the German government.

Despite the strong inflows, trading volumes across crypto exchange-traded products remained below the $14 billion weekly average for this year, generating just $7.9 billion last week. 

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