According to CoinShares According to the latest weekly report, inflows into crypto products increased significantly last week. These inflows coincided with a recovery in crypto prices, with Bitcoin (BTC) and most altcoins rising.
These inflows mark the third consecutive week of positive data for crypto investment products. The report attributes the positive trend in data to U.S. macroeconomic events.
Interest in risk assets increased after the US Federal Reserve cut interest rates earlier this month. Dovish monetary policy led to a 6.2% increase in total crypto assets under management last week.
Bitcoin had the most inflows, reaching around $1 billion in the last week alone. According to last week's data, month-to-date flows of Bitcoin products reached $1.14 billion, and year-to-date flows now stand at $22 billion.
The data comes amid a significant increase in spot Bitcoin exchange-traded fund (ETF) products offered by US issuers. On September 27, inflows into Bitcoin ETFs reached $494 million per SoSoValue data, the highest level since July.
The report said, “Although the approval of options on certain US-based investment products likely boosted sentiment, trading volumes did not increase commensurately and were actually 3.3% week-on-week. .It was a slight decrease of 1%.''
Ethereum investment products turn positive
Ethereum (ETH) has been struggling with a decline in price amid low interest in Ethereum investment products. However, this sentiment changed last week, with flows turning positive for the first time in five weeks.
Last week, Ethereum products reached $86 million in positive flow per CoinShares. However, despite this positive indicator, month-to-date flows remain negative by $60 million.
The positive flow data coincides with a recovery in Ethereum prices, with the largest altcoin up 14% over the past two weeks. ETH traded at $2,457 after falling 0.59% in 24 hours.
Other altcoins also reported positive flows. Ripple’s XRP and Cardano (ADA) saw inflows of $800,000 and $100,000, respectively. XRP investment products have seen $1.9 million in inflows over the past month. However, ADA's capital inflows since the beginning of the month have been negative, with an outflow of $300,000.
While nearly all altcoin products saw positive flow data last week, Solana products failed to record a similar record. Instead, SOL products saw an outflow of $4.8 million, suggesting that investors are shying away from investing in the Ethereum killer.